Types of insurance policies Though there are many types of life insurance policies available on the market, most of them can be broadly classified into two categories.
There is an accumulation of money in these types of policies and there is a minimum sum assured to the beneficiary at the maturity of the policy. Prima facie, they are doing a good work by insuring people against any untoward incident.
Since we live in a society, the first thought that comes to our mind is how to protect those who are dependent on us.
Life insurance is about providing protection to the dependents.
These can be called by different names like Universal, Permanent or Whole Life insurance.
Term Insurance Term insurance is a kind of temporary insurance that would provide a death benefit for a certain period of time. Term insurance is not as costly as permanent insurance.