The types of life insurance you can get
- Life insurance companies offer seven types of plans to choose from. Let’s get to know more about them
- Term Plan: It offers a death risk cover for a limited period of time and is most beneficial during untimely death.
- Retirement Plan: You pay premiums until you reach 60 years old and then receive monthly payouts, which is very similar to a pension. You can ask for a lump-sum pay as well.
- Money Back: A wonderful life insurance option to reach short-term goals, the insured receives a percentage of sum assured on a periodic basis.
- Whole Life Insurance: – It insures your life till the age of 100 years.
- Child’s Plan: – Investment plan for your child’s future. You can start paying premium after the child is born and receive the sum assured when they turn 18 years old.
- Unit linked insurance plan (ULIP): – You get a risk cover and an opportunity to grow your funds through investment at the same time.
- Endowment Plan: – If the policyholder outlives the maturity terms, they receive the sum assured, which includes returns.