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Type of Best insurance

It is most important to get life insurance for every member of the family so that in case of accidental death of the insured, the dependent family members do not have to wander from rate to rate.  Life insurance provides coverage for death, accident, disability, retirement etc.  Under life insurance, a certain amount is given to the family if the holder dies.

It is very important to take insurance for the head of the family.  There are altogether 7 major types of insurance which are as follows:

1. Term Insurance

This type of insurance is for a fixed period.  The purpose of insurance is to provide high coverage in case of death.  Further, note that there is no benefit payable if the life of the holder remains till the term of the policy.

2. Whole Life Insurance

If someone wants to get whole life insurance, then one has to get life coverage.  In this, premium has to be paid on time throughout the life.  In this plan, the premium remains constant throughout the premium payment term.  This is a good way to create wealth for your successors.

3. Endowment Policy

Endowment is a combo of plans, savings and insurance.  In this plan, the sum assured is returned when the policy is terminated.  An endowment plan can be used as a security to get a loan.

4. Money Back Plan or Cash Back Plan

Under this plan, some percentage of the sum assured is periodically refunded to the insured person called Survival Benefit.  When this policy is over, the deposit amount is paid as maturity value.  For the entire sum assured during the term of the policy, lifetime risk may be covered by not giving the survival amount to be given back from time to time.

5. Policy for Children

Children policy helps parents to get the amount spent for children at different levels of life.  Some insurance companies also waive premiums in the event of the death of a parent or parent during the term of the policy.

6. Pension Plan

Even after retirement from pension scheme, a person keeps a steady income from their savings.  This is a successful scheme for the aged.  On pension plan, tax benefit is available under Section 80 CCC and its maximum limit is Rs 1.5 lakh.


Unit linked insurance policy (ULIP) is a combination of investment and protection and you get a complete concession in how you invest your premium.  Apart from this, whenever you take this policy, do a thorough investigation.

8.What is car insurance

Most people like to take car insurance.  Because it's kind of mandatory.  What is its underdog.  If your car goes missing.  Or there is a huge loss.  So it is mandatory to get car insurance because of this.  The under of this insurance compensates you for any kind of damage on your car.  All these things depend on your insurance policy.  What type of insurance policy do you take?


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