Hello friends, welcome to SSD educational classes and I am your friend khashmira. Today's
our topic is life insurance and what is the types of life insurance policies. Life insurance
it is a contract between insurer and insured whereby the insurer agreed to compensate the insured
a certain sum of some on the expiry of certain period or on debt whichever is earlier for the consideration.
Insurer means company joe life insurance policy insured a person who is taking the policy is
known as insured
in the form of premium consideration. It means life insurance policy
otherwise on the debt of the insured payment types of insurance policies
whole life policy under this policy, whole life of a person is insured poor geneti the insured
cannot receive money from the insurance company till he is alive.
The rate of premium is normally low, the segment
premium amount lower. At the end, the money becomes payable on death of the insured person to
the nominee or the legal hair of the deceased policyholder.
Legal hair means second policy is endowment insurance policy.
Insurance is taken for a specific period of time
under this policy. Whole life policy may
the sum insured along with the with bonus is given on the death of the insured to dependence or
on the expiry of specific period to the insured policy expire
limited term term insurance policy is taken for specific period. Term insurance policy has
lowest premium among all the insurance policies. Term insurance policy
change premium is fixed and does not change during the term of policy. In case of untimely death, the
dependent will receive the benefit among the specified in terms life insurance agreement.
It means on the maturity date you will not get any money easily. Next policy is annuity policy. The insurer has to pay premium in lump SUMCO premium payment
over a certain period of time. The insured will receive back a certain specific sum periodically
from specific date onwards either for the life or for a fixed numbers of year. It is like pension
payment scheme or job specific time for example payment policy.
Next policy is money back policy. Money back policy provide a regular percentage of the sum
assured during the lifetime of the policy and also guarantee the benefit of some assured in
the event of death of the insured to the dependent of the insured monthly or six monthly or yearly premium child insurance policy is a saving investment policy that is designed to meet futures but future needs.
A financial needs child insurance policy allow a child to leave their dream children policy gives you the advantage to stock investment in the children plan right from the time of the child's birthday. 7th policy retirement policy, a saving and investment plan that provide insured and income
dury retirement is called retirement plan all maturity this corporate is invested for generating regular income or Yadda.
Our last policy is unit policy discovered full form unit linked insurance policy. Unit policy are very popular as they combine the benefits of life insurance policy with mutual fund. It means types of life insurance policies. Hope you have to
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