Term insurance plans provide insurance to an individual for a fixed tenure. It is the pure and cheapest form of insurance for an individual. This type of policy is suitable for people who are unable to pay high insurance in order to buy endowment policies.
Whole life Insurance
Whole life policies are totally opposite to term life plans. This insurance policy covers risk to an individual for their whole life and generally no pay backs are provided under these policies.
These are also referred as the traditional policies. Endowment policies cover the risks of an individual for a specific period of time as per the opted policy and it also pay backs sum assured and promised bonuses at time of maturity as well.
Money Back Insurance
Money back insurance policy is a type of life cover under which money is paid to an individual at different stages of life yet covering their risk for a specific period of time.
These policies are specially meant to provide steady income to an individual after their retirement. These kinds of policies enable a person to be independent maintaining good lifestyle.
These types of policies are meant especially for children. The basic motive of these policies is to provide financial assistance to a child at various stages of their education and thus making their bright future.