Types of Life Insurance Policies

Insurance plays a critical part in our lives these days. It is counted as an added security to your family in the later years. It gives protection to your families and also a handsome amount of money when the insured person is dead according to the given policies. There are different insurance plans accordion to the requirement of the customer to walk through different life phases.

Term Insurance

Plans for term insurance are one of the simplest and cheapest insurance policies and this plan provides coverage for fewer periods then in this way the benefits can only be derived for less time. Once it will get matured you will no longer eligible for any profits or allowances. But if the insurance holder dies in between the time period of insurance policy then the specific lump sum amount is given to the family member or the guarantor. The maximum life for the policy is up to 30 years.

Endowment Insurance Plans

These are best saving plans and provide certain amount of money at the end of specific term. It also provides the certain amount after death as well. The clients will also get added benefits once the plan gets matured and it matures usually after 15, 20 years or certain age limit.

Unit Linked Insurance Plans

ULIP plans are very popular as it provides benefit of mutual benefits as well as life insurance benefits. The certain part of your premium gets invested into equities, bonds and debt funds and the rest of the amount is used in life coverage. But this plan runs according to the risks related to the stock market, so be ready to take the risk if you are applying for this plan.

Pension Plans

Pension plans give you satisfactory results to lead a happy life after your retirement. This is nothing but saves money which will help you to provide pension days from the money saved during their earning period. The policy holder can get annuity in later years by providing lump sum amount or through premiums.

Money-Back Plan

Money-back plan is the best for people who look for both insurance coverage and savings. This policy asks you to pay certain premiums for fixed period. You are benefited with reasonable rate of returns during the process along with the finally lump sum return.

General Benefits

The above mentioned life insurance policies serve as a boon to several uncertainties. Some general benefits of these plans include

Almost all the above mentioned life insurance policies serve as a boon to face the uncertainties in life boldly. Some of the general benefits of these plans include death benefits because most of the insurance policies provide protection by paying lump sum amount to the family in case of unfortunate death of the nominee. Also the maturity benefits such as the guaranteed money back with other added benefits according to the plan and also they give options to withdraw certain money during regular interval.

Author Bio: Anna is a person with a passion for writing. She has written many articles on various topics as Kredittkort, for more information you can check her other blogs.

By Anna Cleanthous