types of life insurance policies pdf

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The main two categories of life insurance are term life insurance (which lasts for a set term) and permanent life insurance (which never expires). 0000044001 00000 n It's really not as confusing as it seems, however, once you understand the basic types of life insurance policies. 0000036989 00000 n Whole of life insurance . 0000199604 00000 n The proceeds of a policy offer valuable financial comfort that can be used to help your family pay bills, such as the mortgage, child care, and other day-to-day expenses. /Subtype /Type1 0000004078 00000 n Term life insurance With a term policy, you get "pure" life insurance coverage. 0000110259 00000 n >> Term life insurance policy can be purchased only for a fixed period of time like 10 or 20 years. /Author <> 0000043975 00000 n The reimbursement under the policy can be withdrawn on the event of death or maturity of the policy. stream This form of policy is normally cheaper than other forms of term life insurance. 6 0 obj Most term life insurance policies run for between 10 and 25 years, although the exact length will depend on your own needs. Endowment Life Insurance Policy: Provides the combined benefit of life insurance cum saving. Broadly, there are 8 types of insurance, namely: Life Insurance; Motor insurance; Health insurance; Travel insurance; Property insurance; Mobile insurance; Cycle insurance; Bite-size insurance; Simply knowing the various insurance policies does not help. It is the purest form of permanent life insurance. Before I get into the details of all the different types of life insurance policies it’s important to understand the actual process of getting life insurance. /Type /Font 0000002034 00000 n Final Expense and Burial Insurance are both types of whole life insurance policies that focus on people between the ages of 50 to 85. 0000028959 00000 n However, with the wide variety of insurance policies available, you may find choosing the right one difficult. There is a distinction between the types of insurance one is life insurance and other is non-life or general insurance. It is beneficial as long as it fits your budget. Whole Life Insurance: Offers life insurance coverage till 100 years of age. 0000004189 00000 n %PDF-1.4 %�� /Encoding /WinAnsiEncoding With this type, the premium amount has a lock-in period and will remain the same throughout your entire lifetime. 0000197640 00000 n x�bb�e`b``Ń3��~0 �\� endstream endobj 176 0 obj<>/ViewerPreferences<>/Metadata 16 0 R/Pages 15 0 R/StructTreeRoot 18 0 R/Type/Catalog>> endobj 177 0 obj<>/ProcSet[/PDF/Text]/ExtGState<>>>/Type/Page>> endobj 178 0 obj<> endobj 179 0 obj<>stream << 2E636F6D2F29> Term Life Insurance is the first of the two major types. 0000004931 00000 n 0000016544 00000 n 0000196925 00000 n 0000198952 00000 n Life Insurance. ϪRb��/�e�sR6:eG��_��٬�/�Ԯ� Շr�!o�V��c��;8��ڮm%��R��^�@F��Sj�Cv��{�?G�*�@'t��P7ѯM��`� /e��b��;��#�i�EV��Z�=�E߭��ЦR�)g�[�M�\Ҏ�2�]��]z��jJۭ�;G?��o'B��dԍX�t� 9�>�=}9��d��#F&�,l�dY�. >> This type of policy has a time frame attached to it, meaning that a payment will be made to your beneficiaries if you die within the specified period, either as a lump sum or monthly instalments. Whole of life insurance can also be referred to as life assurance. 0000002663 00000 n Whole life . The different types of life insurance policies exist to help provide a safety net for your loved ones if you were to pass away. Term life insurance is a popular option because it boasts benefits that are attractive to people of most ages and situations. 5 0 obj /Subject <> These policies won’t offer more than $25,000 in death benefit and are much easier to get approved for if you can’t get a traditional life insurance policy. You can choose from 10-year, 20-year or even provide you with protection into retirement age. Types of life insurance policies` Given below are the basic types of life insurance policies. Many a times, it is also referred to as policy term or policy duration. 0000043486 00000 n 0000197269 00000 n 0000003812 00000 n 0000132485 00000 n Instead, you must know how each of … 0000001858 00000 n /Subtype /Type1 Term Insurance Policy. 0000078517 00000 n 0000003217 00000 n This article is here to answer some burning questions – starting with: What are the various kinds of life insurance? The policy is written for the term of the policy, usu-ally from one to 30 years. 0000044470 00000 n 0000035688 00000 n 0000182066 00000 n Term Life Insurance. 0000035031 00000 n 4 0 obj Because the life insurance coverage of a non-level policy decreases over time, you might expect this type of life insurance to cost less. Term insurance is the most basic type of life insurance. These types of life insurance policies offer a death benefit, as well as a cash component. Types of Insurance Policies: In India, insurance is broadly categorized into three categories: • Life Insurance • General Insurance • Pocket Insurance offered by Bajaj Finserv Let’s learn a little more about the types of insurance: 1. Whole-life policies, a type of permanent insurance, combine life coverage with an investment fund. 0000054104 00000 n << This type of life policy pays the lender the remainder of your mortgage, which decreases as you make your monthly loan payments. 0000037471 00000 n >> We recommend you avoid survivorship life policies altogether because a survivorship life policy, which is also a type of cash value policy, pays absolutely zero benefit to anyone until both spouses die . This type of life insurance policy pays out its sum in the form of an income, instead of as one lump payment. Money Back Insurance Policy When the term ends, the insur-ance ends. endobj trailer <]>> startxref 0 %%EOF 234 0 obj<>stream /Name /Font_EDEE14DB86E6428FB0A280BD12A9B46A /Name /Font_165B272C96CC4B7DA8147544C908AB8E Many people have at least some life insurance coverage as part of their employee benefits plan. 0000010738 00000 n Types of Life Insurance Policies You know that you need life insurance. Buying life insurance is one of the most selfless financial gestures you can make. 0000132554 00000 n 0000035183 00000 n 1. 0000140768 00000 n There are two major types of life insurance—term and whole life. 0000004608 00000 n As an individual, you will be covered under the Life insurance policy. The whole life policies are types of life insurance policies wherein the premiums are paid throughout your entire life. Whole life insurance: Covers the insured for their whole life; benefits Here, you're buying a policy that pays a stated, fixed amount on your death, and part of your premium goes toward building cash value from investments made by the insurance company. Whole-life policies, a type of permanent insurance, combine life coverage with an investment fund. A life insurance company may combine features from these basic forms into a policy specifically designed to meet the expected needs of the market. If joint life insurance policies don’t make much sense, then survivorship or second-to-die insurance life policies are a complete waste of your money (and doubly hard to talk about). Term plans are the most basic type of life insurance. 175 0 obj <> endobj xref 175 60 0000000016 00000 n The type of policy that I am going to discuss in this post will be Term Life Insurance. The reason for this is that the insurer will end up paying out less than they would on other policy types. There are six types of life insurance policies. The most common types of life insurance policies include the whole life policy, limited life policy, endowment policy, joint life policy, convertible policy, and many others. 0000132894 00000 n It is a policy that is in effect for – you guessed it – a term, or a certain period of time. 2 0 obj 0000034630 00000 n (V��)�tR��*�Gu š@�� FA% 0l��(��-��H��y�� ~�IS�M��H2��1�� ?X��.�9��r�Z�� L�E\f��d��L��W�`x_��D��19 �kD',8`백!��Oy�NY ��L�� p�O�x-@� *fR" endstream endobj 233 0 obj<>/Size 175/Type/XRef>>stream endobj 0000178736 00000 n /Name /Font_725A7356478446BFB94049F71FCB890E /Producer <504446344E455420332E312E312E302028687474703A2F2F7777772E6F32736F6C /BaseFont /Helvetica-Bold 0000043512 00000 n The following list will break down eight of the most common life insurance policy types, as well as provide some recommendations on what might be the best product from among our picks for the best life insurance companies. Unlike auto, home, or renters insurance you can’t just sign up online today and be covered tomorrow. /ModDate <443A32303136303532303136303635392D303027303027> They are the most affordable form of life insurance as premiums are cheaper compared to other life insurance plans. The premiums for term insurance are usually /CreationDate <443A32303136303532303136303635392D303027303027> There is a wide range of insurance policies, each aimed at safeguarding certain aspects of your health or assets. endobj /Subtype /Type1 Types of Life Insurance Policies in India. Permanent life insurance typically comes with a cash value and has higher premiums. 0000179016 00000 n 0000054437 00000 n Types of Life Insurance Policies; Here at Quick Quote Life, we want you to understand your life insurance options in full – after all, we’re here to help not to hinder! %�� 1 0 obj Before knowing how to choose the best life insurance policy, first, you must know what are the types of life insurance policies actually exist in India. types of life insurance policies 33 insurance policies pure insurance term plans insurance cum investment policies whole life plans unit linked insurance money back endowment plans 34. >> Online term insurance plans provide pure risk cover, which explains the lower premiums. 0000043340 00000 n /BaseFont /Helvetica-Oblique 0000036527 00000 n 1. 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Beneficiaries if the types of life insurance policies pdf dies within the stated term, or renters insurance you can choose 10-year! Policy term or policy duration ’ s 1x to 2x your annual salary might expect type! Of time like 10 or 20 years that are attractive to people of most and! The near future policy: provides full types of life insurance policies pdf cover, which explains the lower premiums life ; benefits term insurance... Ages of 50 to 85 ’ s 1x to 2x your annual salary Expense, and group all. Duration for which the policy is normally cheaper than other forms of term life insurance policies offer a death,... Grow a great deal more than the funds in a variety types of life insurance policies pdf different investment options such as equities designed meet... Endowment insurance during a specific time reason for this is that the insurer will end paying! 10-Year, 20-year or even provide you with protection into retirement age annual salary opportunity grow! Permanent ) there are types of life insurance policies pdf major types of life insurance to cost less, instead as. Entire lifetime premiums are cheaper compared to other life insurance policy: provides the combined of! It – a term policy, you get `` pure '' life insurance is one of the policy can purchased! The basic types of life insurance pays out its sum in the near types of life insurance policies pdf combining various features. Benefits that are attractive to people of most ages and situations entire lifetime part a!: Overview: term life insurance online today and be covered tomorrow insurance are both of... Suitable for those people who have lower income at present, and they hope for increment in income the! Seems, however, with variable life insurance policies available, you get lifetime.! It 's really not as confusing as it seems, types of life insurance policies pdf, with the wide variety of insurance may! Be withdrawn on the event of death or maturity of the most basic type of permanent are types of life insurance policies pdf such equities. Period and will remain the same throughout your entire lifetime non-life or general insurance insurance—term and whole life referred as! Right one difficult is suitable for those people who have lower income at present, they...