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Types Of Life Insurance | Types Of Insurance 2019

Types Of insurance

  • Types Of Insurance

There are Main Four Types Of Insurance 

1. Life Insurance 

2. Health Insurance 

3. Disability Insurance 

4.Auto Insurance 

In this post, I am going to teach you which is the best insurance policy for you.
And there are 6 types of life insurance?

  • Types of life insurance 

  1. Terms Insurance 
  2. Whole Life Insurance 
  3. Endowment Plan
  4. ULIP
  5. Money-back Plan 
  6. Annuities / Pension Plans 

Types Of Life Insurance & Details 

  • Terms Insurance 
Term insurance is a pure insurance product in which savings or benefits are not available in term insurance. Suppose any person buys 1 crore insurance and if he is dead the company gives 1 crore to his family. If the buyer is alive, then the company does not give him any return on the insurance policy. This is why the premium plan is low or the insurance cover is much higher than the premium. People always said that premium is not giving any benefit, so why buy a premium plan. 
Terms Insurance benefit is if you want to take a large amount of insurance for a low premium, then the term cover is the best option.  
  • Whole Life Insurance
Whole life insurance is similar to term insurance, only in a few years, in this way you get the full life of the policy, just for this, you have to pay a higher premium.
Whole life insurance benefit is the benefit of taking whole life insurance is that along with the term cover, all its benefits last for a lifetime.

  • Endowment Plan
With endowment insurance, there is an option of savings, there is an option
1 such that if the policyholder dies during the policy period, his family gets a lesser amount.
2 And if after the completion of the policy period, if the policyholder does not get anything, then he also gets a bonus with the sum assured amount.
The endowment premium is slightly higher the fee and the risk is less, so the return is also reduced. This is the traditional insurance scheme that we have been seeing for years.
Endowment plan benefit is You can earn decent benefit in maturity by taking risks in benefits of endowment plan, good product for long term planning.

  • Money-back Plan 
Moneyback plan is also like an endowment plan, in which the policyholder gets a few years of sum assured of money back year and when the insurance company declares the bonus, the money-back policyholder gets that too.
Money-back plan benefit is the best product for short term planning, as well as you can earn some returns on maturity.
  • ULIP
Unit linked insurance plan In this, along with insurance, you also get the benefits of investment. When you buy ULIP, you have the option that you can put your premium in the debt market or equity market while taking a policy, you can choose where you want money. to invest ULIP charges are high but if you choose equity, you can get long term good returns but this return depends on your selected fund.
ULIP Benefit In this, you can earn more than the rest of the product by investing long term.

  • Annuities / Pension Plans 

It is a little different from the rest of the product, it wants to earn regular like a product, then the product is best for you, you have to fill the entire premium together, then you can earn monthly, quarterly or yearly pension, this is the biggest benefit of the pension plan. That you can do the retirement plan well

We have understood all life insurance products.
What is our use now?

The first benefit is that you can know which categories your policy belongs to
and The second thing is that if the insurance agent wants to sell you a policy, then you cannot get caught up in their talk, you can get the right product according to your requirement.

Types Of Life Insurance | Types Of Insurance 2019 Types Of Life Insurance | Types Of  Insurance 2019 Reviewed by Santosh Waghmare on 14.9.19 Rating: 5

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