Life Insurance, in layman's language. It is a contract between a person and a insurance company, wherein Company promises to pay a certain amount to someone nominated by the insured person upon his death. To avail such a policy insured person has to pay some amount the company on installment basis or lump sum.
Life insurance provide a safety for the future of your loved ones, and you can make sure their life goes on even when you are not with them.
Due to its benefit, it is being accepted by masses and gaining popularity. Because of this high demand of insurance in nation has given birth to many insurance provider companies. These companies now have come up with many forms of life insurances.
Term insurance, in this plan individual get covered for fixed period of time ranging from 5 years to 50 years and more in some cases.
As the name suggest, such plans offer insurance cover for lifetime of an individual. In some cases, there could be an upper age limit.
Endowment plan is dual toned kind of policy. This plan not only provides insurance cover but also add a benefit of savings to the policy, which can be availed on maturity of the policy.
Pension plan also known as retirement plan. It is for those who wants a financial secured life after their retirement. This plan gives the benefit of a pension like scheme to insured individual for the period of time.
