Know about Life Insurance

 

This tutorial is divided into 5 points covering various important parts of life insurance. This tutorial is a quick summary of life insurance. First of all, we know about life insurance. The insurance that you take for life is called life insurance. 

• Term Insurance:- From the name of the skin itself, we can understand that it is for a fixed period who has taken the insurance policy will get compensation only when he dies for the time the insurance policy is taken if their death occurs after the stipulated time, the insurance company will not pay anything to the nominee.

• Whole Life Insurance Policy:- In a whole life insurance policy, the policyholder pays the premium as long as it is alive and when the policyholder dies, the insurance company pays the policyholder nominee.

• Endowment Plan:- In the endowment plan, the insurance company will pay the policyholder nominee if the policyholder dies between the stipulated time and if the policy time is over, the insurance company will pay the money even if the policyholder does not die.

• Unit Linked Insurance Plans (ULIP):- In this insurance plan, whatever the policyholder pays the premium, some part of it goes to insurance and some part goes to investment. This is an insurance plan that offers both insurance and investment. We can say that it is a combination of insurance and investment. In the ULIP plan, the insurance company will pay the policyholder's nominee if the policyholder dies between the stipulated time (example: 10 years) and if the policy time is over, the insurance company will pay the money even if the policyholders do not die.

• Money-Back policy:- During the policy period, the insurance company pays from time to time and the entire amount is assured in case of death. The policyholder is paid by the insurance company periodically during the policy term.