Business Studies

Write short note on the following:
Types of life insurance policies.


SOLUTION
Different types of life insurance policies are :- 
1. Term Life Insurance - Term insurance plan are those plan that is purchased for a fixed period of time, say 10, 20 or 30 years.
2. Unit Linked Plans (ULIPs) - A unit linked plan is a comprehensive combination of insurance and investment. 
3. Endowment policy - in this, policyholder receive a lump sum amount in case if he survives until the date of maturity. 
4. Money Back Life Insurance - In this, a percentage of the sum assured is paid back to the insured on periodic intervals as survival benefit.
5. Whole Life Insurance - A whole life insurance policy covers the life assured for whole life. 
6. Child Plan- Child plans help to build funds for child’s education and marriage.
7. Retirement Plan - Retirement plan helps to build savings for retirement.
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Subjective Medium Published on 18th 08, 2020
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