In today’s article we will discussing about Life Insurance Policy by the way you will hear about life insurance policy but you know what is life insurance policy so in today’s article we will discussing about life insurance and how it will be beneficial for us. So if you also want to know what is life insurance policy then read this article carefully from starting to end.
Life Insurance Policy is one of the best policy which gives you better chances to save your family and yourself. Life Insurance will save your family suppose if you are only person which earn money in your family and in any case if If something happens to you due to some reason, then this insurance is very better for your family because if you have got a life insurance, then your family gets its benefits. Life insurance is not only one type life insurance having different types the main 7 types of life insurance policy are given below.
Types of Life Insurance Policy
1. Term insurance plan
Term insurance plan is one of that plan you can purchase it for particular time like you will purchase it for 10, 20, 30 years. suppose if you will purchase term insurance plan for 10 years then you will be saved for 10 years like if policy owner will be dead unfortunately then the benefits of the policy will be given to their beneficiary this is the best for your family members.
2. Endowment policy
This policy gives you particular time Vishva cover policy like ok if you will take 10 year a risk cover policy then after 10 year you will get your amount of endowment policy with bonus will be refund to the policy owner and if you getting any critical disease then this type of policy also gives the money at that time.
3. Money Back Insurance Policy
Money Back insurance policy is just like endowment policy because in this the policy owner will be get their money e after a particular time and if the policy owner will be that unfortunately then the money will be given to their beneficiary but one more thing the premium of this policy is more than other policy.
4. Whole life insurance policy
As we all know that the meaning of whole life so from the name of that policy you will be e understand the basic of this policy if you can’t understand then I will tell you whole life insurance policy will give you full life insurance benefits like this policy will protect you as long as you have life. In this policy, the policy owner can also take it as a loan.
5. Ulip policy
This is the protection plan and policy also but every will tell you in endowment policy and money back policy will give you guarantee give your money back but in this plan there is no guarantee to return your money that’s why ulip owner will be invest their ulip money in bond and shares and in term of mutual fund you will get Ulip.
6. Retirement plan
In this plan you will not get life insurance cover this is only the retirement solution plan in this plan after a particular time of that policy you will get short term money as a pension and unfortunately if you are dead then this potential will be transfer to your beneficiary.
7. Child insurance policy
Child Insurance Policy is is the policy which is design for childrens study and their needs In this policy, if the owner of the policy dies, the payment is made but this policy does not expire all future premiums are waived in the policy but the insurance company continues the policy on behalf of the owner of the policy and the children get the money till a specified time.