 What is a term insurance plan?

Term insurance plan is a form of life cover, it provides coverage for defined period of
time, and if the insured expires during the term of the policy then death benefit is payable
to nominee. Term plans are specifically designed to secure your family needs in case of
death or uncertainty. It provides specific amount of coverage for specific period of time.

 What is the whole life insurance policy?

Whole life insurance is also referred to as permanent life insurance. It provides you with
coverage for your entire life; as long as you make premium payments on time. This
option is good for long-range goals and there are guaranteed cash values which you can
use later for temporary needs or in emergency cases. It is best to get this policy when you
are young since your annual premiums will be lower.

 What is an endowment insurance plan?

An endowment policy covers risk for the specified period at the end of which a person
insured receives the sum assured plus all the accrued bonuses. Endowment are
considerably more expensive (in term of annual premiums) than either whole life or term
plan. In case of death during the tenure, sum assured with bonus is paid to the nominee.
Endowment plans have two types of bonuses: - Reversionary bonus: Also called regular
bonus, this is annual bonus which depends on the performance of the insurer and is added
to the fund every year payable at the end of policy period. - Terminal bonus: An
additional loyalty bonus offered by the insurer at the end of policy term

 What is money back insurance plan?

Money back life insurance plan provides for periodic payments during its tenure, it gives
back money to policyholder at different points in time usually 4-5 years. The investments
done are similar to endowment plans. Money back policy will give you 20% of the sum
assured after first 4 years, and next 20% after 8 years and the remaining 20% on maturity
with accumulated bonus.

 How pension plan works?

Pension plans are also known as retirement plans for your future financial stability during
your old age. With ever increasing cost of living it has become important that you make
 arrangements for your retired life. When you continually invest in this plan it grows with
the compounding effect.

 What is a child plan?

As a parent, you wish to provide your child with the very best that life offers, the best
possible education, marriage and life style. Children's plan helps you save so that you can
fulfill your child's dreams and aspirations. These plans go a long way in securing your
child's future by financing the key milestones in their lives even if you are no longer
around to oversee them.

 What is unit linked insurance plan?

ULIPS provide for benefits of protection and flexibility in investment, it is insurance cum
investment plan. The allocated premiums will be applied to purchase units as per the fund
type based on the ongoing NAV . NAV is the value per unit of the scheme. They provide
multiple benefits like life protection, investment and savings flexibility, options to take
additional covers, tax planning, etc. but they are riskier compared to other schemes.

 All you want to know about group life insurance

Group life insurance -- This scheme provides insurance coverage to a group of people
under one contract. These schemes are provided for employees, associations, societies,
etc.