Life insurance policy refers to a contract between the insured person and the life insurance company or the ‘insurance carrier’ wherein the company provides replacement to loss of income source with the demise of the insured person. On demise of the insured person the company pays off a certain amount of money that is not taxable or comes as ‘cash benefits’ as beneficiaries. Different types of life insurance policies are –
Term Life Insurance – The policy covers a risk for a term of the policy and the sum assured is paid to the family if the person dies within the tenure of policy. If the person outlives the term of the policy, he will not be entitled to any payment and he forfeits the entire amount of premiums paid to the insurance company.
Whole life insurance – This insurance policy suggests the person is insured for the whole life span and is entitled to the risk cover on death regardless of the time when that occurs. The policy user has to pay premiums till death. However, the policy does not cover expenses of the insured person after his/her retirement or increasing needs of a person.
Endowment policy is the most beneficial policy as per which the insurance company pays the insured sum on demise. If the person remains alive after the term ends, he/she is paid the full amount of the policy with some financial benefits.
Money back policies pay the sum as per requirement such as for marriage, college education etc., at particular intervals and on survival, the remained amount is paid off. When the person dies, the family of insured person is paid in full amount.
Annuities policies are structured to pay particular amount of money at particular periods in order to protect against risk covers and in the form of pension periodically.
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