TYPES OF LIFE INSURANCE POLICIES

MAIN TYPES OF LIFE INSURANCE POLICIES:

• WHOLE LIFE INSURANCE POLICY: Under this types of insurance policy the whole life will be insured and the insured cannot receive the money from L.I.C. till he remains alive. The rate of premium is also very low for this policy. These types of policies can also be classified as:

1. Whole policy life of limited premium
2. Ordinary whole life policy
3. Whole life policy of single premium

• ENDOWMENT INSURANCE POLICY:This insurance policy is the famous life insurance policy and insurance is done for certain period. If that certain period is expired or the death of insured happens than only they get the sum assured plus bonus.The rate of premium is higher than other types of policies.There are few more endowment insurance policies:

1. Ordinary endowment life policy
2. Double endowment life policy
3. Deferred endowment life policy