Know Which Life Insurance Policy Suits You the Best!


Bangalore: If you are planning to get an insurance policy make sure that you look for the best package that rightly suits you and your family.

Insurance policy differs from person to person. There are many insurance policies available in the market, but you as a policyholder should first know which policy is important and will suit you the best. For instance, policies can be divided in terms of the customer segment they cater to such as child insurance plans, retirement plans and savings and investment plans. They can also be divided on the basis of benefits or coverage that they offer such as term life insurance, whole life policy, endowment policy, etc.

Read on to know the types of insurance policies offered by different insurance and financial institutions, listed by policybazaar.com

1. Term Life Insurance

It is the only kind of the pure insurance policies, known as the term insurance. Term insurance policy will cover the risk of your death only for the term of your plan. Here you pay premium year after year and if you die before your policy tenure, the insurance amount, called the Sum Assured, would be paid to your policy nominees. If you survive, no payment will be made to you and you would lose the yearly premiums you paid. The premium charged on term Plan is lower than the other form of life insurance plans, as it covers only the life risk.

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