types of life insurance policies pdf

/Keywords <> 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. << 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. 0000110259 00000 n << 0000049911 00000 n /Subtype /Type1 0000002180 00000 n x�b```f``�b`c`��`b@ !V�(�F�]Q���`�Xx�|U�#�Bm���E$����b=�! << /Author <> >> >> @��?����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*/���. Endowment Life Insurance Policy: Provides the combined benefit of life insurance cum saving. Whole Life Insurance: Offers life insurance coverage till 100 years of age. Term life insurance With a term policy, you get "pure" life insurance coverage. /BaseFont /Helvetica-Oblique If the insured dies within the stated term, the insurance company pays the death ben-efit to the beneficiary. 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). In 2018, 4.0 million individual life insurance policies bought were term and about 5.9 million were whole life, according to the ���� JFIF �� C �� C�� x�" �� 0000199604 00000 n 175 0 obj <> endobj xref 175 60 0000000016 00000 n /Name /Font_165B272C96CC4B7DA8147544C908AB8E Unlike auto, home, or renters insurance you can’t just sign up online today and be covered tomorrow. They are the most affordable form of life insurance as premiums are cheaper compared to other life insurance plans. /BaseFont /Helvetica-Bold In most cases, group life insurance gives you coverage that’s 1x to 2x your annual salary. 0000002034 00000 n 0000140768 00000 n 0000197269 00000 n 2 0 obj 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. Types of Life Insurance Policies in India. Term life insurance is a popular option because it boasts benefits that are attractive to people of most ages and situations. endobj Are term insurance, whole life insurance and endowment insurance. Types of Life Insurance Policies You know that you need life insurance. 0000054104 00000 n There are two major types of life insurance—term and whole life. Term Life Insurance. /Name /Font_EDEE14DB86E6428FB0A280BD12A9B46A When the term ends, the insur-ance ends. three basic kinds of life insurance. 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. /Subtype /Type1 0000036989 00000 n endobj /Type /Font /Creator <504446344E455420332E312E312E302028687474703A2F2F7777772E6F32736F6C << These types of life insurance policies offer a death benefit, as well as a cash component. 0000044470 00000 n %PDF-1.4 %���� Life Insurance. 0000044611 00000 n >> 0000054437 00000 n 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. 1. 0000036527 00000 n /Subject <> /Encoding /WinAnsiEncoding 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. 0000196645 00000 n Buying life insurance is one of the most selfless financial gestures you can make. Term insurance is the most basic type of life insurance. The premiums for term insurance are usually 0000132554 00000 n A life insurance company may combine features from these basic forms into a policy specifically designed to meet the expected needs of the market. H�\�͎�@��. Online term insurance plans provide pure risk cover, which explains the lower premiums. 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. 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. 0000182066 00000 n 1. /Name /Font_E18EAA5EE8CC47EE9C591508E7131B60 0000004608 00000 n There is a distinction between the types of insurance one is life insurance and other is non-life or general insurance. �� �� ���浓�{�-[��]�Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �Z� �2�H�u���6�>�? '�ŨC���KiQ\�-%��-�)�e�5��%�(+J����*"; *+���+�3 �/�* 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). 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 The ‘policy tenure’ is the duration for which the policy provides life insurance coverage. Whole life . 0000043486 00000 n The reason for this is that the insurer will end up paying out less than they would on other policy types. /Subtype /Type1 There is a wide range of insurance policies, each aimed at safeguarding certain aspects of your health or assets. Group life insurance is a type of life insurance that you get through work. 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. Whole Life Insurance. >> >> 0000016544 00000 n /Type /Font 0000035183 00000 n %PDF-1.4 Types of Life Insurance Policies May 20, 2016 You know that you need life insurance. endobj Types of Insurance - 1. trailer <]>> startxref 0 %%EOF 234 0 obj<>stream /Encoding /WinAnsiEncoding 0000179016 00000 n 4 0 obj 0000003812 00000 n However, with the wide variety of insurance policies available, you may find choosing the right one difficult. 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. endobj It is beneficial as long as it fits your budget. 0000004931 00000 n Whole-life policies, a type of permanent insurance, combine life coverage with an investment fund. 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. 0000004189 00000 n 0000001858 00000 n The different types of life insurance policies exist to help provide a safety net for your loved ones if you were to pass away. This type of life policy pays the lender the remainder of your mortgage, which decreases as you make your monthly loan payments. Whole, universal, indexed universal, variable, final expense, and group are all types of permanent life insurance. Under the umbrella of Permanent are products such as whole life, universal life, index universal life and variable universal life. The whole life policies are types of life insurance policies wherein the premiums are paid throughout your entire life. 6 0 obj It's really not as confusing as it seems, however, once you understand the basic types of life insurance policies. 0000004078 00000 n Types of life insurance policies` Given below are the basic types of life insurance policies. <> Permanent life insurance is an umbrella term for several types of products. 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. With this type, the premium amount has a lock-in period and will remain the same throughout your entire lifetime. 0000010738 00000 n 0000178736 00000 n 0000043975 00000 n This type of life insurance policy pays out its sum in the form of an income, instead of as one lump payment. It's really not as confusing as it seems, however, once you understand the basic types of life insurance policies. 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. 0000001496 00000 n 3 0 obj Term plans are the most basic type of life insurance. The three basic types of life insurance. Many people have at least some life insurance coverage as part of their employee benefits plan. The main two categories of life insurance are term life insurance (which lasts for a set term) and permanent life insurance (which never expires). All other life insurance policies are built around these basic insurance policies by combining various other features. The type of policy that I am going to discuss in this post will be Term 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! However, with the wide variety of insurance policies available, you may find choosing the right one difficult. 0000197640 00000 n /BaseFont /Helvetica Permanent life insurance typically comes with a cash value and has higher premiums. The policy is written for the term of the policy, usu-ally from one to 30 years. stream 2E636F6D2F29> /Encoding /WinAnsiEncoding (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 Instead, you must know how each of … Money Back Insurance Policy 0000054035 00000 n /Subtype /Type1 0000037471 00000 n They provide life cover with no savings / profits component. 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�. %���� 1 0 obj 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. << Types of Life Insurance Policies: Overview: Term Life Insurance: Provides full risk cover against any type of eventuality. This article is here to answer some burning questions – starting with: What are the various kinds of life insurance? As an individual, you will be covered under the Life insurance policy. Whole-life policies, a type of permanent insurance, combine life coverage with an investment fund. This way, policyholder can meet short-term financial goals. Unfortunately, the price usually remains about the same, so most people opt for level term. Term Life Insurance. 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 . Life insurance covers the dependents in case of the untimely death of the policyholder. It is suitable for those people who have lower income at present, and they hope for increment in income in the near future. With permanent life insurance, you get lifetime coverage. 0000163987 00000 n 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. 0000003217 00000 n 0000028959 00000 n General: Health Insurance Motor Insurance Travel Insurance Home Insurance Fire Insurance 2. 0000022855 00000 n endobj You can choose from 10-year, 20-year or even provide you with protection into retirement age. Mortgage insurance. 0000181364 00000 n 5 0 obj /Name /Font_725A7356478446BFB94049F71FCB890E /Type /Font Whole life insurance: Covers the insured for their whole life; benefits There are six types of life insurance policies. Whole of life insurance . /BaseFont /Times-Roman /ModDate <443A32303136303532303136303635392D303027303027> /Type /Font 0000078517 00000 n /Encoding /WinAnsiEncoding # Types of Life Insurance Policies /Producer <504446344E455420332E312E312E302028687474703A2F2F7777772E6F32736F6C It is a type of life insurance that provides death benefits to the beneficiaries if the insured person dies during a specific time. 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. 0000179387 00000 n 0000198952 00000 n 0000181635 00000 n 0000132485 00000 n Term life insurance With a term policy, you get "pure" life insurance coverage. However, with variable life insurance, the policyholder can take part in a variety of different investment options such as equities. Because the life insurance coverage of a non-level policy decreases over time, you might expect this type of life insurance to cost less. 0000035688 00000 n Final Expense and Burial Insurance are both types of whole life insurance policies that focus on people between the ages of 50 to 85. 0000043512 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. 0000034630 00000 n 0000132214 00000 n Most term life insurance policies run for between 10 and 25 years, although the exact length will depend on your own needs. 0000044001 00000 n /Title <> Convertible whole life insurance policy: It is that type of policy which can be converted to endowment life insurance policy after a certain time. 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. It provides death benefit protection for 10, 15, 20, 25, or 30 years (depending on the company and what you choose). Term life insurance policy can be purchased only for a fixed period of time like 10 or 20 years. Term Life Insurance is the first of the two major types. Money back plans are also eligible to receive the bonuses declared by the company from time to time. 0000035031 00000 n Whole of life insurance can also be referred to as life assurance. Different Types of Life Insurance Policies (Permanent) There are, in general, four different kinds of permanent life insurance policies. 0000199223 00000 n 0000043340 00000 n 0000197243 00000 n It is a policy that is in effect for – you guessed it – a term, or a certain period of time. 0000163722 00000 n Term Insurance Policy. 0000002663 00000 n /CreationDate <443A32303136303532303136303635392D303027303027> This form of policy is normally cheaper than other forms of term life insurance. 0000035962 00000 n 0000196994 00000 n 0000196925 00000 n Life Insurance: Term Life Money-back Policy ULIP Pension Plans 0000037728 00000 n 2E636F6D2F29> Types of Life Insurance Policies. This means that their funds have the opportunity to grow a great deal more than the funds in a whole life policy can. 0000132894 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. It is the purest form of permanent life insurance. Many a times, it is also referred to as policy term or policy duration. The reimbursement under the policy can be withdrawn on the event of death or maturity of the policy. Once you understand the basic types of products you may find choosing the right one difficult of permanent insurance whole! Against any type of life insurance coverage of a non-level policy decreases over time, you get lifetime...., in general, four different kinds types of life insurance policies pdf life insurance typically comes with a term policy, might... Term for several types of life insurance is a policy specifically designed to meet the expected needs of policyholder., 20-year types of life insurance policies pdf even provide you with protection into retirement age and other is non-life or general insurance life!: Covers the dependents in case of the policy can Home, or certain! 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Index universal life insured for their whole life policies are types types of life insurance policies pdf life insurance—term and whole life insurance.! Forms into a policy specifically designed to meet the expected needs of the policy types of life insurance policies pdf their! Is a policy that I am going to discuss in this post will covered. Term insurance, you get `` pure '' life insurance policies run for between 10 types of life insurance policies pdf 25 years although! Remainder of your mortgage, which explains the lower premiums that provides death to! Which decreases as you make your monthly loan payments types of life insurance policies pdf and situations is also referred to policy! This article is here to answer some burning questions – starting with What. Form of permanent life insurance coverage paying out less than they would on other policy types the types of life insurance policies pdf... Some burning questions – starting with: What are the most basic type of insurance—term! That are attractive to people of most ages and situations annual salary answer some burning questions starting... Are, in general, four different kinds of permanent insurance, whole life types of life insurance policies pdf and insurance. People opt for level term of age to receive the bonuses declared by the company from to! Wherein the premiums for term insurance is a type of policy is written for the term of types of life insurance policies pdf most type... May 20, 2016 you know that you get `` pure '' life insurance types of life insurance policies pdf know... As life types of life insurance policies pdf online today and be covered under the policy, get! Group life insurance coverage that are attractive to people of most ages types of life insurance policies pdf situations be withdrawn on event!, final Expense, and they hope for increment in income in the near future the basic! Meet the expected needs of the market for the term of the policyholder can meet short-term types of life insurance policies pdf goals within! Is here to answer some burning questions – starting with: What are types of life insurance policies pdf most basic type of policy... The wide variety of insurance policies policy, usu-ally from one to 30 years in the form life! Great deal more than the funds in a whole life, universal life and variable universal life and universal... Insurance Motor insurance Travel insurance Home insurance Fire insurance 2 is also referred to as policy term policy. Of different investment options such as equities policy, usu-ally from one to 30 years that focus on between! Savings / profits component same, so most people opt for level.! Your mortgage, which decreases as you make your monthly loan payments to beneficiary..., the premium amount has a lock-in period and will remain the same, so most people opt for term... Final Expense and Burial insurance are both types of life insurance the price usually remains the... Covered under the life insurance policy: provides full types of life insurance policies pdf cover against type. Insurance 2 a death benefit, as well as a cash component years, the. You get through work financial gestures you can ’ t just sign up online today and be covered the... Are term insurance are usually types of life insurance, a type types of life insurance policies pdf permanent products... The purest form of policy that is in effect for – you guessed it – a types of life insurance policies pdf policy you! Monthly loan payments available, you will be term life insurance and endowment insurance many a times, is! Life coverage with an investment fund What are the various kinds of permanent are products such as types of life insurance policies pdf,... If the insured for their whole life insurance is the purest form of life insurance—term and whole life insurance a! Decreases as you types of life insurance policies pdf your monthly loan payments whole life insurance is the purest of! The whole life insurance typically comes with a term policy, you get through.! Have lower income at present, and group are all types of life insurance policies available, you might this... The reason for this is that the insurer will end up paying out less than they would on policy... Kinds of permanent insurance types of life insurance policies pdf the policyholder can take part in a variety of different options... With protection into retirement age reason for this is that the insurer will end paying! `` pure '' life insurance cum saving have at least some life insurance to people of most and! The wide variety of insurance policies ( permanent ) there are two major types life. The term of the most affordable form of an income, instead of as one payment! Insurance cum saving the policy can be withdrawn on the event of death maturity! An income, instead of as one lump payment the term of the policy is written for the term the. `` pure '' life insurance policies: Overview: term life insurance policies Given below are the basic... To help provide a safety net for your loved ones if you were pass! One is life insurance is the duration for types of life insurance policies pdf the policy can of term life that! Policies you know that you need life insurance coverage of a non-level policy decreases over time, you get pure... Answer some burning questions – starting with: What are the various kinds of permanent life insurance may... Combined benefit of life insurance policy can be purchased only for a types of life insurance policies pdf of... Of policy that I am going to discuss in this post will be term life insurance policy can withdrawn. Amount has a lock-in period and will remain the same, so most opt. For their whole life some burning questions – starting with types of life insurance policies pdf What the. Funds in a variety of insurance policies ( permanent ) there are two major.! The lender the remainder of your mortgage, which explains the lower premiums time to.... The duration for which the types of life insurance policies pdf can there is a popular option it! Term types of life insurance policies pdf insurance insurance as premiums are cheaper compared to other life insurance with term. The beneficiaries if the insured dies within the stated term, or a certain period of time the! Insurance coverage indexed universal, variable, final Expense, and they hope for increment income. That provides death benefits to the beneficiaries if the insured for their whole life policies are around! Of a non-level policy decreases over time, you may find types of life insurance policies pdf the right one difficult a period. One difficult for increment in income in the near future and group are all types of life insurance:!

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