Ch. 11: Different Types of Life Insurance Plans
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Key takeaways from this chapter
1. Term Insurance Plan | Provides a life cover for a specific time duration |
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2. Whole Life Insurance Plan | Offers life coverage for whole life |
3. Unit Linked Insurance Plan | Insurance + Stock market linked investment opportunity |
4. Endowment Plan | Guaranteed lump sum with insurance cover |
5. Money-Back Plan | Periodic payments with insurance cover |
6. Child Insurance Plan | Secures the future of your child |
7. Retirement Plan | Builds a fund or gives you an annuity (depending on the product) for your graceful retirement |
8. Group Insurance Plan | Offers coverage to a group of people under a single plan |
Term Insurance Plan
Whole Life Insurance Plan
Unit Linked Insurance Plan (ULIP)
Endowment Plan
Money Back Plan
Annual Premium | Rs. 40,000 |
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Survival Benefit | 10% of yearly premium, paid annually |
Survival Benefit Payout Period | 21st policy year to 30th policy year |
Child Insurance Plan
Retirement Plan
Group Insurance Plan
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Disclaimer
ABSLI Salaried Term Plan (UIN:109N141V01) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
¹ LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/12/22-23/2431