| Life
Insurance |
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Endowment
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An
endowment plan provides for the payment
of the sum assured at the end of a specified
term or upon earlier death. |
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Money-Back
Plan : |
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Under this plan, the
premiums paid are deposited in the Accumulation
Account of the policyholder after deducting
the expenses and risk cover charges
with survival benefit payouts made from
time to time. The balance money in the
Accumulation Account is invested in
financial instruments which will provide
returns based on investment performance.
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Retirement
Plan : |
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In
annuity contracts, a person agrees to
pay to the insurer a specified capital
amount in lump sum or in installments
in return for a promise from the insurer
to make a series of payments to him so
long as he lives. |
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Term
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The life assured pays premium regularly and
in the event of death during the term,
the insurer settles the sum assured. A
term assurance contract is one where the
sum assured is payable on the happening
of the event during the term. |
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Unit Linked Plan : |
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The
value of the plan is directly linked to
the value of the fund. A unit could be
defined as a function of the fund, which
the unit holder joins. In this the insurer
collects the contribution from the policy
holder. A portion of contribution is used
to provide life cover. The balance is
used to purchase units, on behalf of the
policy holder, in various investment funds.
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Whole Life : |
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The premiums under this plan are payable from
the date of commencement to the date of
the death of the life assured, and the
sum assured is payable by the insurer
on death. |
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| “Insurance
is the subject matter of solicitation” |
