Types of Insurance Product

Life Insurance

Life insurance is basically a substitution of income. If any unfortunate event happened to the earning member of the family. It is the replacement of the income. If earning member is not there. It is very much needed for everyone. So that it helps the family to overcome the financial chaos.

6 Major Types of Life Insurance

Term Insurance– More insurance in less premium. People tend to use more term insurance in these days as it was very cheap with very high sum assured. It contains only a death benefit. For example- For a 30-year person, 1 Crore cover costs approx 10k to 15k till 85 age.
Endowment Insurance– Death cover with a survival benefit.
Unit Linked Insurance Plan (ULIP)– It is a market-linked product with death coverage.
Annuity Plans– It is basically a pension product. People can opt for an immediate pension or they can take the pension at a later age.
Group Insurance– It provides death coverage for a group at very low cost such as for factory employees or for any type of company.
Keyman Insurance– It is for the key person ( like Director, Employee, etc) who can be a major contributor to the company’s growth.
Tax Benefit– Tax Rebate under section 80(c) and maturity benefit under section 10(10)d.