How to Get Life Insurance Planning Provider in Pitampura, Rohini? Life insurance Company.
There are two major categories of Life Insurance.
• Term Life Insurance
• Permanent (cash value) Life Insurance
Term Life Insurance
Term Life Insurance (also called pure insurance) policies provide life insurance protection for a specific period of time. This means that the sum assured is payable only if the policy holder dies within the policy term. In this policy, there is no element of savings or investment. It is a 100% risk cover. It simply means that a person pays a certain premium to protect his/her family against his/her sudden death. This is the reason why Term Insurance policy comes at the lowest cost.
Permanent Insurance Policy
Permanent Insurance Policy also known as cash value provides insurance protection as long as the policy remains in force. In addition to the insurance protection provided, this type of policy also builds internal cash values. Most of the products offered by Indian life insurers are developed and structured around these basic policies and are usually an extension or a combination of these policies. Some of them are:
• Whole Life Policy
• Endowment Policy
• Money Back Policy
• Annuity & pension
• Unit Linked policy