Term life insurance is a type of life insurance in which an insurer offers a specific “period” of coverage in exchange for a specific premium paid over a period of time. Purpose of taking term plan is to secure family’s future in case of death of the earning member of the family.

Endowment plans are life insurance policies with dual purpose. If the policyholder dies during the policy period, the death benefit will be paid to the Nominee, and if the entire policy term is expired, thentotal benefit will be paid to the policyholder. Endowment Plans include Plans with Guaranteed returns and also plan with Market linked returns.

The Unit Linked Insurance Plan (ULIP) is an investment-oriented insurance plan. With these plans, the premiums paid are invested in the capital markets. There are many types of ULIPs, and policyholders can choose which fund to invest in. With ULIP, funds can choose from stocks, liabilities, balances, liquidity and more. Major difference between ULIPs and Mutual Funds is that ULIPs offer you insurance along with Handsome returns where as Mutual funds offers only returns without Insurance. Funds can be switched easily in case of market volatility and uncertainty.

A children’s insurance plan is a life insurance plan specially designed toprovide financial stability foryour child. Parents or childrenare insured under the plan. Purpose of this plan is to secure child’s various stages like their Higher Education, Marriage, House for Child and other business opportunities for them.

The pension plans are retirement oriented investment plans. Under these plans, policyholders create a consortium with regular pension payments as long as the policyholder is alive. There are two variations of retirement plans: deferred retirement plans and immediate retirement plans. Here Policyholder will receive pension throughout his life apart from this his legal heirs will receive entire amount of the premium paid by policyholder in case of death of policy holder.

Key person insurance is a life insurance policy that a company purchases on the life of an owner, a top executive, or another individual considered critical to the business. The company is the beneficiary of the policy and pays the premiums. Key Man insurance offers a financial cushion if the sudden loss of a certain individual would have a profoundly negative effect on the company’s operations. The death benefit essentially buys the company time to find a new person or to implement other strategies to save (or shut down) the business. In addition to life insurance, key person insurance is also available as disability coverage in case the individual is incapacitated and no longer able to work.