/Type /Font This article is here to answer some burning questions – starting with: What are the various kinds of life insurance? However, with the wide variety of insurance policies available, you may find choosing the right one difficult. 0000010738 00000 n 0000043340 00000 n %PDF-1.4 If the insured dies within the stated term, the insurance company pays the death ben-efit to the beneficiary. Convertible whole life insurance policy: It is that type of policy which can be converted to endowment life insurance policy after a certain time. 0000199223 00000 n /Creator <504446344E455420332E312E312E302028687474703A2F2F7777772E6F32736F6C There is a wide range of insurance policies, each aimed at safeguarding certain aspects of your health or assets. /Subtype /Type1 Different Types of Life Insurance Policies (Permanent) There are, in general, four different kinds of permanent life insurance policies. If joint life insurance policies don’t make much sense, then survivorship or second-to-die insurance life policies are a complete waste of your money (and doubly hard to talk about). /Encoding /WinAnsiEncoding trailer <]>> startxref 0 %%EOF 234 0 obj<>stream 0000197243 00000 n It is suitable for those people who have lower income at present, and they hope for increment in income in the near future. The different types of life insurance policies exist to help provide a safety net for your loved ones if you were to pass away. Here, you're buying a policy that pays a stated, fixed amount on your death, and part of your premium goes toward building cash value from investments made by the insurance company. 4 0 obj Whole Life Insurance: Offers life insurance coverage till 100 years of age. 0000044470 00000 n 0000037728 00000 n << Whole life is sometimes called permanent life insurance, and it encompasses several subcategories, including traditional whole life, universal life, variable life and variable universal life. This type of life insurance policy pays out its sum in the form of an income, instead of as one lump payment. /ModDate <443A32303136303532303136303635392D303027303027> 0000132894 00000 n The type of policy that I am going to discuss in this post will be Term Life Insurance. ϪRb��/�e�sR6:eG��_���٬�/�Ԯ� Շr�!o�V��c����;8���ڮm%�����R����^�@F���Sj�Cv��{�?G�*�@'t��P7ѯM��`� /e��b�����;��#�i�EV���Z�=�E߭��ЦR�)g�[�M�\Ҏ�2�]��]z��jJۭ�;G?����o'B���dԍX�t� 9�>�=}9��d���#F&�,l�dY�. You can choose from 10-year, 20-year or even provide you with protection into retirement age. We recommend you avoid survivorship life policies altogether because a survivorship life policy, which is also a type of cash value policy, pays absolutely zero benefit to anyone until both spouses die . Unlike auto, home, or renters insurance you can’t just sign up online today and be covered tomorrow. 0000181635 00000 n Broadly, there are 8 types of insurance, namely: Life Insurance; Motor insurance; Health insurance; Travel insurance; Property insurance; Mobile insurance; Cycle insurance; Bite-size insurance; Simply knowing the various insurance policies does not help. Whole-life policies, a type of permanent insurance, combine life coverage with an investment fund. 0000028959 00000 n The three basic types of life insurance. 3 0 obj Types of Life Insurance Policies You know that you need life insurance. It is a type of life insurance that provides death benefits to the beneficiaries if the insured person dies during a specific time. 0000022855 00000 n Term Insurance Policy. Money back plans are also eligible to receive the bonuses declared by the company from time to time. ENDOWMENT POLICY FEATURES • Simple policy with guaranteed returns • Protection & Savings Plan • Sum assured is paid to the beneficiary on the death of the insured or on the maturity of the term. It provides death benefit protection for 10, 15, 20, 25, or 30 years (depending on the company and what you choose). 0000140768 00000 n 0000043512 00000 n 0000181364 00000 n Therefore, it can be said that life insurance policies compensate for the financial loss the family to a great extent and does not worsen the unfortunate tragedy. 2E636F6D2F29> 0000002180 00000 n endobj Whole life . Life Insurance: Term Life Money-back Policy ULIP Pension Plans They are the most affordable form of life insurance as premiums are cheaper compared to other life insurance plans. The reason for this is that the insurer will end up paying out less than they would on other policy types. Types of Life Insurance Policies in India. General: Health Insurance Motor Insurance Travel Insurance Home Insurance Fire Insurance 2. 0000078517 00000 n 0000035031 00000 n 0000163987 00000 n >> The policy is written for the term of the policy, usu-ally from one to 30 years. �� �� ���浓�{�-[��]�Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �2�H�u���6�>�? /BaseFont /Helvetica-Oblique /Encoding /WinAnsiEncoding 1. 6 0 obj 0000016544 00000 n >> 0000049911 00000 n Whole of life insurance . Life insurance covers the dependents in case of the untimely death of the policyholder. 0000034630 00000 n three basic kinds of life insurance. Final Expense and Burial Insurance are both types of whole life insurance policies that focus on people between the ages of 50 to 85. 0000199604 00000 n 0000132554 00000 n 0000044611 00000 n There is a distinction between the types of insurance one is life insurance and other is non-life or general insurance. 0000004608 00000 n /BaseFont /Times-Roman 0000035183 00000 n 0000036989 00000 n 0000035688 00000 n Unfortunately, the price usually remains about the same, so most people opt for level term. 0000179016 00000 n With this type, the premium amount has a lock-in period and will remain the same throughout your entire lifetime. 0000132485 00000 n types of life insurance policies 33 insurance policies pure insurance term plans insurance cum investment policies whole life plans unit linked insurance money back endowment plans 34. Buying life insurance is one of the most selfless financial gestures you can make. Types of Life Insurance Policies May 20, 2016 You know that you need life insurance. 2E636F6D2F29> 0000182066 00000 n /Author <> /CreationDate <443A32303136303532303136303635392D303027303027> However, with variable life insurance, the policyholder can take part in a variety of different investment options such as equities. 2 0 obj Mortgage insurance. Many a times, it is also referred to as policy term or policy duration. Types of life insurance policies` Given below are the basic types of life insurance policies. Term Life Insurance. Types of Life Insurance Policies. 0000036527 00000 n 0000001858 00000 n << Money Back Insurance Policy However, with the wide variety of insurance policies available, you may find choosing the right one difficult. Before knowing how to choose the best life insurance policy, first, you must know what are the types of life insurance policies actually exist in India. /Producer <504446344E455420332E312E312E302028687474703A2F2F7777772E6F32736F6C Term life or “temporary” insurance: Provides coverage for a defined time period, generally five, 10, or 20 years; pays cash benefits to a named beneficiary if the insured dies during the term of the policy. 0000044001 00000 n 0000132214 00000 n This way, policyholder can meet short-term financial goals. 0000198952 00000 n With permanent life insurance, you get lifetime coverage. << It is beneficial as long as it fits your budget. When the term ends, the insur-ance ends. 0000197640 00000 n Most term life insurance policies run for between 10 and 25 years, although the exact length will depend on your own needs. 0000002663 00000 n stream 175 0 obj <> endobj xref 175 60 0000000016 00000 n 0000004189 00000 n Because the life insurance coverage of a non-level policy decreases over time, you might expect this type of life insurance to cost less. '�ŨC���KiQ\�-%��-�)�e�5��%�(+J����*"; *+���+�3 �/�* This type of policy has a time frame attached to it, meaning that a payment will be made to your beneficiaries if you die within the specified period, either as a lump sum or monthly instalments. Endowment Life Insurance Policy: Provides the combined benefit of life insurance cum saving. There are two major types of life insurance—term and whole life. Group life insurance is a type of life insurance that you get through work. 0000110259 00000 n ���� JFIF �� C �� C�� x�" �� 0000043486 00000 n (V����)�tR��*�Gu š@���� FA% 0l�����(�����-���H���y��� ~�IS�M��H2��1����� ?X��.�9��r�Z����� �L�E\f����d��L��W�`x_�����D���19 �˜kD',8`백!���Oy�NY ����L�� ��p�O�x-@� *fR" endstream endobj 233 0 obj<>/Size 175/Type/XRef>>stream The proceeds of a policy offer valuable financial comfort that can be used to help your family pay bills, such as the mortgage, child care, and other day-to-day expenses. Permanent life insurance typically comes with a cash value and has higher premiums. 0000003217 00000 n This type of life policy pays the lender the remainder of your mortgage, which decreases as you make your monthly loan payments. A life insurance company may combine features from these basic forms into a policy specifically designed to meet the expected needs of the market. Term life insurance policy can be purchased only for a fixed period of time like 10 or 20 years. The Best Life Insurance Policy While there are many hybrids of the following types of life insurance options, we have focused on the core products. 1. Term insurance is a level premium, low-cost policy that is in force for a defined period of time and for a specific benefit amount. This means that their funds have the opportunity to grow a great deal more than the funds in a whole life policy can. Term Life Insurance. The whole life policies are types of life insurance policies wherein the premiums are paid throughout your entire life. endobj endobj /BaseFont /Helvetica The following list will break down eight of the most common life insurance policy types, as well as provide some recommendations on what might be the best product from among our picks for the best life insurance companies. Whole, universal, indexed universal, variable, final expense, and group are all types of permanent life insurance. Types of Life Insurance Policies; Here at Quick Quote Life, we want you to understand your life insurance options in full – after all, we’re here to help not to hinder! As an individual, you will be covered under the Life insurance policy. Term plans are the most basic type of life insurance. 0000002034 00000 n All other life insurance policies are built around these basic insurance policies by combining various other features. The main two categories of life insurance are term life insurance (which lasts for a set term) and permanent life insurance (which never expires). << The policy tenure can be any period ranging from 1 year to 100 years or whole life, depending on the types of life insurance plan and its terms and conditions. >> @��?����G�''/�O��ێ@ ���� _���٬�/��ͨ�E� �yǍ�C�f/%s.�QJ�_�Qcۊ)]��֍c��I��1E+�5b�Wt�v����f>]f�HY��d���J�M8���(��ſ��RV�|�*%D ��i�2�kSƖ��(�^���!E�R'�.��{nԟ�2��9q*/���. endobj endobj Life Insurance. /Keywords <> Term life insurance These types of life insurance policies provide both a fixed premium (the amount you'll pay) as well as a fixed death benefit (the amount we'd pay your family). /Type /Font Permanent life insurance is an umbrella term for several types of products. Term life insurance is a popular option because it boasts benefits that are attractive to people of most ages and situations. It's really not as confusing as it seems, however, once you understand the basic types of life insurance policies. Instead, you must know how each of … It's really not as confusing as it seems, however, once you understand the basic types of life insurance policies. It is a policy that is in effect for – you guessed it – a term, or a certain period of time. Types of Insurance - 1. /Type /Font These types of life insurance policies offer a death benefit, as well as a cash component. /Name /Font_165B272C96CC4B7DA8147544C908AB8E There are six types of life insurance policies. 0000043975 00000 n 5 0 obj 0000054104 00000 n Term life insurance With a term policy, you get "pure" life insurance coverage. Whole-life policies, a type of permanent insurance, combine life coverage with an investment fund. Term Life Insurance is the first of the two major types. /Subtype /Type1 This form of policy is normally cheaper than other forms of term life insurance. In most cases, group life insurance gives you coverage that’s 1x to 2x your annual salary. 0000037471 00000 n %���� 1 0 obj <> The most common types of life insurance policies include the whole life policy, limited life policy, endowment policy, joint life policy, convertible policy, and many others. 0000003812 00000 n /Title <> Whole Life Insurance. Money back plan is a unique type of life insurance policy, wherein a percentage of the sum assured is paid back to the insured on periodic intervals as survival benefit. /Subtype /Type1 Many people have at least some life insurance coverage as part of their employee benefits plan. The premiums for term insurance are usually Term insurance is the most basic type of life insurance. >> 0000196645 00000 n /Name /Font_EDEE14DB86E6428FB0A280BD12A9B46A The reimbursement under the policy can be withdrawn on the event of death or maturity of the policy. /Type /Font /Encoding /WinAnsiEncoding The ‘policy tenure’ is the duration for which the policy provides life insurance coverage. Online term insurance plans provide pure risk cover, which explains the lower premiums. Are term insurance, whole life insurance and endowment insurance. 0000054437 00000 n %PDF-1.4 %���� 0000197269 00000 n x�bb�e`b``Ń3��~0 �\� endstream endobj 176 0 obj<>/ViewerPreferences<>/Metadata 16 0 R/Pages 15 0 R/StructTreeRoot 18 0 R/Type/Catalog>> endobj 177 0 obj<>/ProcSet[/PDF/Text]/ExtGState<>>>/Type/Page>> endobj 178 0 obj<> endobj 179 0 obj<>stream Before I get into the details of all the different types of life insurance policies it’s important to understand the actual process of getting life insurance. It is the purest form of permanent life insurance. They provide life cover with no savings / profits component. 0000179387 00000 n Whole life insurance: Covers the insured for their whole life; benefits 0000035962 00000 n /BaseFont /Helvetica-Bold 0000004931 00000 n /Subject <> # Types of Life Insurance Policies >> These policies won’t offer more than $25,000 in death benefit and are much easier to get approved for if you can’t get a traditional life insurance policy. Term life insurance With a term policy, you get "pure" life insurance coverage. 0000196925 00000 n H�\�͎�@��. << 0000004078 00000 n x�b```f``�b`c`��`b@ !V�(�F�]Q���`�Xx�|U�#�Bm���E$����b=�! 0000001496 00000 n 0000163722 00000 n /Encoding /WinAnsiEncoding 0000196994 00000 n Types of Life Insurance Policies: Overview: Term Life Insurance: Provides full risk cover against any type of eventuality. Whole of life insurance can also be referred to as life assurance. 0000054035 00000 n Types of Insurance Policies: In India, insurance is broadly categorized into three categories: • Life Insurance • General Insurance • Pocket Insurance offered by Bajaj Finserv Let’s learn a little more about the types of insurance: 1. 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