People who are really bothered about their family or have to repay mortgage, must purchase the right kind of life insurance policy. A lot of people have understood the benefits of acquiring the perfect life insurance policy and to meet the greater and unstable demand for life insurance policy, there are several types of life insurance policies. Insurance professionals believe that it takes efforts to check the best life insurance policy. therefore they recommend to compare the gains offered by the different insurance companies so as to search out for appropriate insurance policy at reasonable prices. Here are a few different types of life insurance policies that are designed to suit the needs of every person:
- Insurance plan that provide just death cover are termed as Term Assurance plans. however, if the policy holder lives longer than expected, there is no payment if you purchase term assurance plan. Term assurance plan within an indefinite time is termed as “Whole Life Policy”. This policy guarantees you sum assured whenever the policy holder dies.
- Pure Endowment plans grant only survival benefits. If the insured dies within the specified period, no payment is made under pure endowment plan.
- Term assurance plan with pure endowment plan after provided as a lone economic product is known as Endowment Assurance Plan. A term assurance plan with a pure endowment plan with double the value is called Double Endowment Assurance plan. In this plan, the amount due on living is twice as much the amount due on demise.
- Convertible plans allow the policy holder to convert his existing plan to any other policy if it is done within the specified time frame . for instance, a Convertible Term Assurance Plan can be converted into a Whole Life Policy or an Endowment policy in the time stated in initial scheme. there is no underwriting decision to be made.
- Joint life policies allow two or more lives to be insured in this policy. Such policies usually cover married couple or partners.
- Children’s plan sanctions getting insurance on lives of children who are juniors. A parent or the guardian is supposed to make this proposal. the danger on the life on the protected kid will commence only after the child attains a specified age.
- Variable insurance plans such as Unit Linked Insurance Plans are planned for each inhabitant of India between the ages 12 and 55 planning to hoard between Rs.6000 and Rs. 75000 to be contributed in half yearly or once-a-year payments over a period of 10 or 15 years. no medical examination is necessary.
- Industrial Assurance Plans are designed for employees with less wages. This type of policy is created for people who can pay weekly premiums and has small amount of sum assured.
- Salary saving policy even known as payroll insurance, are designed to meet the needs of working class. the premium is deducted from the salary.
Thus, from such a large collection of insurance policies accessible online, you can select one that meets your necessities. you can also clarify all your doubts before purchasing an insurance policy. the customer care and administrative staff is just a few clicks away to assist you.
Learn more about types of life insurance policies and purchasing online life insurance at onlinelifeinsurancepage.com
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