Life Insurance in India

Life is fragile where as death is certainty. You can not control life’s uncertainties. But you can cover risks which are surrounding you. Life insurance in India just put a cover for risks which you run during your lives. It can protect you from contingencies which can affect you.

Life insurance in India is not for a person who passed away, it is for those people who are surviving. It’s a responsibility of each bread earner to watch against events which can affect a family in an unfortunate situation of her/ his demise. Therefore having life insurance plan is vital. There are many types of the life insurance policy, the important ones are:

• Endowment policy
• Group Insurance
• Joint life insurance policy
• Loan cover term policy
• Money back policy
• Pension plan policy
• Term life insurance policy
• Unit linked insurance plans
• Whole life insurance policy

Endowment policy: It can cover the risk for the specific period, at an end the sum is paid to a policy holder, together with a bonus collected during the policy term.

Group insurance policy: It provides the protection of life insurance under the group policy to many groups like employers-employees, co-operatives, professionals, etc.

Joint life policy: It is similar to the endowment policy as it too provides maturity benefit to policyholder apart from covering the risks like life insurance policy.

Loan cover term assurance policy: it is the insurance policy that can cover the home loan. This policy can cover home loan amount of individual in case of the eventuality.

Money back policy: It can provide for the periodic expense of the limited survival benefit during policy term till policyholder is alive.

Pension Plan policy: Pension plan is also called as annuity is the investment which is made either through the installments paid or single lump sum payment over some fixed no of years.

Term life policy: It can cover the risk only in chosen term period.

Unit Linked Insurance plan: It is a life insurance which offers for benefits of the flexibility and risk protection in the investment.

Whole life policy: It runs till policyholder is alive therefore it is called whole life policy.