What is Life Insurance?
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Table of Contents
- What Is Life Insurance?
- Linked And Non-Linked Life Insurance Policies
- Participating And Non-Participating Life Insurance Policies
- Types Of Life Insurance Plans
- Whole Life Insurance Policy
- Term Insurance Policy
- Endowment Policy
- Child Insurance Policy
- ULIPs (Unit Linked Insurance Policies)
- Money-Back Policy
- Retirement Policy
- Pension Accumulation Plan
- Annuity Plan
- Wrapping up!
What Is Life Insurance?
Linked And Non-Linked Life Insurance Policies
Life insurance policies offered by insurance companies can be either linked or non-linked.
Let's take a closer look at linked and non-linked life insurance policies.
Under a linked life insurance policy,
- A part of the premium you pay is used to provide insurance coverage to you.
- The remaining portion of your premium is invested in various stock market funds of your choice according to your risk appetite and financial objectives.
Participating And Non-Participating Life Insurance Policies
There are many factors to think about when choosing an insurance policy, including whether you will receive a bonus, i.e., a portion of your insurance company's profits will be passed on to you. On this basis, we have two options: Participating and Non-Participating life insurance plans.
Types Of Life Insurance Plans
Whole Life Insurance Policy
Term Insurance Policy
Endowment Policy
Child Insurance Policy
ULIPs (Unit Linked Insurance Policies)
Money-Back Policy
Retirement Policy
Pension Accumulation Plan
Annuity Plan
Wrapping up!
About Author
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Disclaimer
ABSLI DigiShield Plan is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 9 (Level Cover with Survival Benefit) and Plan Option 10 (Return of Premium [ROP]) this product shall be a non-linked non-participating individual life savings insurance plan. UIN: 109N108V11
¹ ABSLI DigiShield Plan scenario: Female, non smoker, Age: 21 years, level Term Insurance, Premium paying Term: regular pay, policy term: 25 years, Pay frequency: Annual Premium of Rs. 6500/12 months (on average Rs. 542/month) Exclusive of GST (offline premium).
2There are exclusions attached to the rider. Please refer to the brochure.
ADV/6/24-25/579
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