About Home Insurance
Life insurance can be defined as a contract, in the form of a policy, wherein an insurance provider undertakes to provide financial coverage to an individual in exchange for a payment over regular periods of time called a premium. The insurance provider will offer a lump-sum amount to the beneficiaries or nominees of a policyholder in case of his / her untimely death.
Types of Home Insurance
1) Term Insurance Plans
2) Endowment Policy
3) Unit Linked Insurance Plans(ULIP)
4) Money Back Policy
5) Whole Life Policy
6) Annuity/Pension Plans
Term Insurance Plans: Term life insurance policies are those that can be purchased for a fixed period of time.
Endowment Policy: Endowment policies are somewhat similar to traditional term life insurance policies in the sense that they pay out a lump sum amount to the beneficiary or nominee in case of the death of the policyholder.
Unit Linked Insurance Plans(ULIP): Unit Linked Insurance Plans are basically insurance policies that provide you with a chance to create wealth in addition to offering the security of life cover.
Money Back Policy: Money back insurance policies, as the name might suggest, are those that pay out a lump sum amount to the beneficiary or nominee of a policyholder in case of the untimely death of the policyholder.
Whole Life Policy: Annuity Life Insurance Policies are long-term contracts that can be purchased from insurance providers. Annuities are designed in a manner such that they help in accumulating assets with a view to collecting income for retirement.
Annuity/Pension Plans: Life insurance has evolved from a luxury to a necessity, with it becoming an integral component for our smooth functioning.