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Different Types of Life Insurance Plans in India
Unit Linked Insurance Plans: ULIPs are investment plus insurance plans so that you can enjoy best of both the worlds. This is a type of life insurance policy that offers life cover along with investment opportunities. Most of the ULIPs have a lock-in period of 5 years, hence, it can be considered as a long-term investment plan. It function as per market dynamics and you should understand your risk appetite before buying a ULIP.
2. Unit Linked Insurance Plans:
Unit-Linked Insurance Plans (ULIPs) are versatile investment plans from life insurance companies. These plans offer life cover and also let you invest in funds with different risk levels. You can build your investment portfolio while availing all the tax benefits available with these types of life insurance policies.
Different Types of Life Insurance Plans in India
Child Insurance Plan: Child insurance plans are life insurance policies that are opted to safeguard the future of your child. Along with providing a life cover, it helps in building an education fund to support your child’s dreams and aspirations. Child plans are investment plus insurance plans designed to assist you in creating wealth for your child’s future needs. You can invest in these plans right when your kid is born to build a strong financial cover.
4. Child Insurance Plans:
Child insurance plans, or child education plans , are a type of life insurance plan from life insurers. However, these plans are dedicated to meeting the needs of a child’s higher education and marriage goals.
Different Types of Life Insurance Plans in India
Whole Life Insurance Plan: As the name suggests, it is a policy that covers you till you turn 99. That means you can be protected till you are 99 years of age. Whole life insurance plans have a death benefit along with cash value. The life insurance policy’s cash value will grow over time and can be withdrawn by the policyholder when it accumulates enough value. Or, it can also be withdrawn if the policyholder opts for a loan on the life insurance policy.
8. Whole Life Insurance Plans:
Whole life plans are a unique genre of life insurance plans. Whole life insurance plans continue till you attain 99 or 100 years of age. Depending on the plan, you can choose to pay the premiums till the age of 60 and continue the cover till the age of 99 or 100.