{"id":42131,"date":"2019-06-27T20:32:22","date_gmt":"2019-06-27T15:02:22","guid":{"rendered":"https:\/\/www.newsilike.in\/?p=42131"},"modified":"2019-06-27T20:32:25","modified_gmt":"2019-06-27T15:02:25","slug":"types-of-life-insurance-policies-india","status":"publish","type":"post","link":"https:\/\/www.newsilike.in\/types-of-life-insurance-policies-india\/","title":{"rendered":"Insurance 101: What 7 Types of Life Insurance Policies Are Available in India?"},"content":{"rendered":"\n
\"Types<\/figure>\n\n\n\n

Insurance is one of\nthe most important investments you\u2019ll make throughout your lifetime. While it\nmay seem like a waste of money, to begin with, having an insurance policy is\none of those things you\u2019ll be so grateful you did when you need it. If you\ndon\u2019t get some, you\u2019re going to regret it.<\/p>\n\n\n\n

However, insurance isn\u2019t just a static thing. There are plenty of different types and variations to think about, and you\u2019ll need to pick the one(s) that\u2019s right for you. With this in mind, today we\u2019re going to explore the seven common types of life insurance policy that\u2019s available in India today. <\/p>\n\n\n\n

1. Child\u2019s Plan<\/strong><\/h2>\n\n\n\n

One of the biggest\nworries you\u2019ll have as a parent is making sure your child is financially\ncovered, even after you\u2019re gone. Fortunately, a child\u2019s plan insurance has you\ncovered. If you pass, a Child Plan will pay annual payments to your child, or a\nlump sum, up until the age of 18 years\u2019 old.<\/p>\n\n\n\n

2. Term Plan<\/strong><\/h2>\n\n\n\n

This is referred to as\nthe most basic form of insurance and is perhaps the easiest to understand. You\nsimply pay for a period of time you want to be covered for, known as a term,\nand if you die during this time, you\u2019ll be given a high payment upon death. <\/p>\n\n\n\n

Depending on your provider, you\u2019ll have different options and bonuses you\u2019ll be able to enjoy and benefit from. You can find out more on term plans<\/a> here.<\/p>\n\n\n\n

3. Unit Linked Insurance Plan (ULIP)<\/strong><\/h2>\n\n\n\n

ULIP life insurance plans<\/a> are found in India and are typically used to cover specific types of risk. \u00a0This type of life insurance plan is different because the premium you pay will go against you as risk cover, whereas another part of it will be invested in funds which have been decided by your providers.<\/p>\n\n\n\n

This is a great long-term\ninvestment option because the more you pay in over a longer period of time, the\nmore money you\u2019ll get in return. You can also reinvest your premium into more\nequity if you\u2019re willing to take the risk, but it\u2019s entirely up to you.<\/p>\n\n\n\n

4. Whole Life Insurance<\/strong><\/h2>\n\n\n\n

As the title suggests,\na Whole Life Policy is an insurance policy that will cover you for your whole\nlife, unlike a plan that only covers a specific, predefined term. The sum\nyou\u2019ll receive is defined and this is what will be paid out. If you live to be\n100 years old, you will usually receive an amount before your policy is\nmatured.<\/p>\n\n\n\n

5. Retirement Plan<\/strong><\/h2>\n\n\n\n

As you can expect, a retirement plan<\/a> helps you to plan and save for your retirement. These plans usually last up to 60 years old, but if you pass away during this time, a lump sum, averagely around 105% of your premium, will be paid out to a nominee. If you don\u2019t pass away, you can receive your premium back to use it for your retirement.<\/p>\n\n\n\n

6. Endowment Plan<\/strong><\/h2>\n\n\n\n

Another form of\ninsurance, this time in the form of both savings and insurance is an Endowment\nPlan. While some of the premium and return is used as insurance, the rest is\nthen invested by your insurance provider. This is typically a low-risk venture\nthat will make both you and the insurance company money which you can then\nwithdraw into your balance.<\/p>\n\n\n\n

7. Money Back<\/strong><\/h2>\n\n\n\n

A Money Back policy is a very special type of life insurance policy that\u2019s unique in its own right. Upon passing, your loved ones won\u2019t receive a large pay-out, but a set percentage will be paid out over a certain period of time. However, there are also plenty of benefits typically offered, which is why people are inclined to opt for this policy. It\u2019s also ideal for policyholders looking for money in the short-term.<\/p>\n\n\n\n

Summary<\/strong><\/strong><\/h3>\n\n\n\n

As you can see, there are plenty of different types of life insurance options out there for you to choose from, it\u2019s all about finding the one that works for you. Research your options, think about what you need, and you can be sure you\u2019ll be making the right investment for your life and situation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Insurance is one of the most important investments you\u2019ll make throughout your lifetime. While it may seem like a waste of money, to begin with, having an insurance policy is one of those things you\u2019ll be so grateful you did when you need it. If you don\u2019t get some, you\u2019re going to regret it. However,…<\/p>\n Read More<\/span> Insurance 101: What 7 Types of Life Insurance Policies Are Available in India?<\/span><\/a>","protected":false},"author":2,"featured_media":42133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"Layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Insurance 101: What 7 Types of Life Insurance Policies Are Available in India? #Insurance #Family #Policy","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[5220],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.newsilike.in\/wp-content\/uploads\/types-of-life-insurance.jpg","_links":{"self":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts\/42131"}],"collection":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/comments?post=42131"}],"version-history":[{"count":0,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts\/42131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/media\/42133"}],"wp:attachment":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/media?parent=42131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/categories?post=42131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/tags?post=42131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}