Well Kapil! In today’s uncertain world every one should take life insurance to live a tension free life and for secure our family’s future.
Any ways here are the different type of life insurance are given below-
Temporary Life Insurance
Another name for term insurance. A defined time period decided upon when the contract is drawn up.
Permanent
Permanent life insurance is life insurance that remains in force until the policy pays out or the owner fails to pay the premium. A permanent policy cannot be cancelled by the insurer.
Limited-pay
Another type of permanent insurance is Limited-pay life insurance in which all the premiums are paid over a specified period after which no additional premiums are due to keep the policy in force.
Endowments
Endowments are policies where the cash value build up inside the policy equals the death benefit at a certain age. Endowments are expensive but endowment Insurance is paid out whether the insured lives or dies, after a specific period.
Accidental death
Accidental death is a limited life insurance designed to cover the insured when they die in an accident. Because they only cover accidents these policies are much less expensive than other life insurances.
Group Life Policies
Group life insurance is a life insurance policy in which a single contract covers an entire group of people. Group life policies do not always relate to schemes established by an employer for the benefit of employees but quite commonly are part of an employment package.
Critical Illness Insurance
You receive a lump sum on the diagnosis of certain life-threatening illnesses specified in the policy.
Fatal Accident Benefit
Certain life policies will make an additional payment - over and above the sum insured - if the policyholder dies as a result of an accident.
Answered by
Hemant Kumar
, an ibibo Master,
at
12:01 PM on November 24, 2008
