Protecting The Future Of A Growing Family

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What is Life Insurance?
Life insurance is a contract between an insurance
policy holder and an insurer or assurer, where
the insurer promises to pay a designated beneficia
ry a sum of money (the benefit) in exchange for a
premium, upon the death of an insured person.
Depending on the contract, other events such
as terminal illness or critical illness can also
trigger payment. The policy holder typically pays
a premium, either regularly or as one lump sum.

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Types of Life Insurance

• Term Life Insurance
• Whole Life Policy.
• Endowment Plans.
• Unit Linked Insurance Plans
• Money Back Policy
• Annuity/Pension Plans
• Child Plans

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Term Life Insurance

Term insurance provides life insurance coverage
for a specified term. The policy does not
accumulate cash value. Term insurance is
significantly less expensive than an equivalent
permanent policy but will become higher with age.
Policy holders can save to provide for increased
term premiums or decrease insurance needs by
paying off debts or saving to provide for
survivor needs.
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Whole Life Insurance
Whole life insurance is a type of permanent life
insurance designed to provide lifetime coverage.
Because of the lifetime coverage period, whole
life usually has higher premium payments than
term life. Policy premium payments are typically
fixed, and, unlike term, whole life has a cash
value, which functions as a savings component and
may accumulate tax-deferred over time.
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Endowment Life Insurance
The endowment policy is a life insurance contract
designed to pay a lump sum after a specific term
(on its 'maturity') or on death. Typical
maturities are ten, fifteen or twenty years up to
a certain age limit. Some policies also pay out
in the case of critical illness. .
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Unit Linked Life Insurance
A Unit Linked Insurance Plan (ULIP) is a product
offered by insurance companies that, unlike a
pure insurance policy, gives investors both
insurance and investment under a single
integrated plan.
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Money Back Insurance
The money-back policy from Life
Insurance Corporation in India is a popular
insurance policy. It provides life coverage
during the term of the policy and the maturity
benefits are paid in installments by way of
survival benefits in every 5 years. The plan is
available with 20 years and 25 years term.
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Annuity/Pension Life Insurance
In a pension or annuity plan, regular payments
are paid to the retiree at the end of his or her
services. It helps people maintain a decent
standard of living after they retire. 
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Child Life Insurance
Child life insurance plans are to provide
children with all their future educational needs
by saving and investing in the present. Risk
cover is offered for the childs life during the
term of the policy as well as extended beyond it.
This also insulates against rising education and
other basic costs for childcare.
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