Different Types of Insurance Policies
Posted Date: 18-Feb-2009
1.Life insurance products have two basic elements ‘Death cover’ providing for the benefit being paid on the death of the insured person within a specified period and ‘Survival Benefit’ providing for the benefit being paid on survival of a specified period.
2.Plans of insurance that provide only death cover are called ‘Term Assurance’ plans. Those that provide only survival benefits are called ‘Pure Endowment’ plans. All traditional life insurance plans are a combination of these two plans called endowment plans.
Mainly all the Insurance are divided in three category.
a)Term Assurance Plan
b)Decreasing Term Insurance
c)Increasing Term Insurance
a) Whole Life Policy
b)Whole Life Limited Payment Policy
3).Combination of Term Assurance and Pure Endowment
a)Endowment Assurance Plan
b)Double Endowment Assurance plan
c)Money Back or Anticipated Endowment Assurance plan
6. Insurance can be taken on the lives of children, who are minors. The proposal will have to be made by a parent or a guardian.. In these plans, risk on the life of the insured child will begin only when the child attains a specified age. The time gap between the date of commencement of the policy and the commencement of risk is called the ‘Deferment Period’. Risk will commence automatically on the deferred date, without any medical examination. If the child dies during the deferment period, the premiums will be returned
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