Life Insurance: Types of plans

Life Insurance comes in several forms. Understanding the differences helps you choose the structure that fits your life stage and budget.

Type	What it means
Term insurance	Pure protection with a high cover for low premium. No maturity benefit unless a return-of-premium option is chosen.
Endowment plan	Combines life cover with a guaranteed or bonus-linked maturity amount.
Money-back plan	Pays a percentage of the sum assured at set intervals during the term.
Whole life plan	Cover to a very advanced age (such as 99 or 100), with a payout to heirs.
ULIP	Market-linked plan where part of the premium is invested in funds you choose; subject to a five-year lock-in.
Child plan	Funds education or marriage goals; often waives future premiums if the parent dies.
Retirement / annuity plan	Builds a corpus and converts it into regular income. See our Pension Plan section.

Not sure which suits you? Take our two-minute needs quiz or talk to us.