What is Life Insurance?
What is life insurance? A life insurance policy is a scheme wherein you invest a certain amount of your money on a regular basis, at one go or for a limited period of time in the form of premiums. On maturity of the policy, you can acquire benefits in the form of sum assured and various bonuses against the premium paid. Compare life insurance plans in India so that you get to know difference between various insurance policies that are available in the market.
Types of Life Insurance Plans in India
Different types of life insurance plans in India include Endowment Plans, Money Back Plans, etc. Some plans offer benefits like tax deduction and death benefit on the money you invest. There is a unique type of plan known as Unit Linked Insurance plan where along with life cover, your funds are linked to the market. Thus you have a chance to grow your fund value along with life cover. Insurance plans that can be bought in groups are known as Group Plans. Group plan may be of employer-employee type or non-employer employee type. Life insurance plans in India are very popular as many of them provide death benefit. This means, insurance company provides entire amount of the invested money to the dependents of the policy holder along with additional bonus (for some types of plans).