Types of Insurance

Pure Term Plan The premiums are very low and afforadable. You will get tax breaks ion the premium you pay. But this plan does not give anything if there's no death during the plan period. So it's a pure insurance cover that may not help you grow your savings-only Death Benefit.
Whole Life Policy A typical life policy runs as long as the policyholder is alive. In another words, the risk is covred for the entire life of the policyholder. The policy monies and the bonus are payable only to the nominee of the beneficiary upon the death of the policyholder. The policyholer is not entitled to any money during his or her lifetime. i.e. there is no survival benefit.
Endowment Policy Endowment policy cover the risk for a specified period. At the end of the specified period, the sum assured is paid back to the policyholder along with the entire bonus accumulated during the term of the policy. Typically, an individual's resposnilibity for the financial responsibilty for the financial protection of the family reduces significantly after their children are independently settled. The focus then shifts to managing a smaller family-perhaps the individual and his/her spouse after retirement. The endowment, which is the original sum assured and the acccumulated bonus received at this time comes handy. Customers can either use the endowmetn amount for buying an annuity policy to generate a monthly pension for the rest of their life, or put in any other suitable investment of their choice. This is the major benefit of an endowment policy over a whole life one.
Money Back Policy Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, money back policies provide periodic payments of partail survival benefits during the term of the policy, as long as the policyholder is alive.
ULIPs Introduction: Minimum lock in for 5 years and longer period for better benefits.
Regular payment to premiums to avoid policy lapse.
Returns on investements are market linked and not guaranteed.

Advantages:Regular premium payments establish rhythm of savings.
Rupee cost advantages.
Power of compounding.
Tax benefits.


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