• Term insurance plan
Term insurance is one of the purest forms of life insurance and is the most cost-effective for the policyholder. It provides life protection to the policyholder for a specific term wherein death benefit or sum assured is paid to the nominee in case of the policyholder’s death.
• Unit-linked Insurance Plans (ULIPs)
ULIPs are life insurance plans that provide life cover and investment opportunities to the policyholder to create a corpus in the end to get their life goals done. ULIP plans are an effective long-term investment option and have a minimum lock-in period of 5 years. It provides death benefit, maturity benefit and tax benefits to investors looking to achieve their life goals and secure their loved ones at the same time.
• Participating Endowment Plans
Participating Endowment plans provide life insurance protection and long-term savings to policyholders. It pays sum assured plus bonus as death benefit to the nominee in case of the policyholder’s unfortunate death or at maturity. Participating Endowment plans provide periodic bonuses that are accumulated and paid on maturity or in the event of death of the policyholder.
• Whole Life Insurance Plan
A whole life insurance cover provides life insurance protection to the policyholder during his entire lifetime, up to a maximum of 100 years. If the policyholder dies, the sum assured is paid to the nominee. In case he/she survives the policy term, maturity benefits are paid to the policyholder.
Apart from these, other life insurance products are designed as child plans, savings plans and pension plans.