What is a term assurance?
Term assurances are the purest and cheapest form of insurance. Term assurances are plans where benefits are payable only on the death of the policy holder within the term.
What is whole life plan?
Whole life plans are a special type of term assurance wherein the term of the policy is whole of the life. So it follows that benfits under the policy are payable only on death of the policy holder.
What is an endowment assurance plan?
Endowment plans are among the most popular forms of insurance as they provide both insurance coverage and also act as a savings instrument. These are the plans wherein benfits are payable on death within the term or survival to maturity which ever is earlier.
What is money back plan?
Money back plans are a special type of endowment plans and are also called as anticipated endowment assurance plans. Under money back plans, survival benefits are spread over the term of the policy i.e., certain percentage of sum assured is paid at regular intervals. Apart from the above death benefit continues like an endowment plan i.e., full sum assured shall be payable on death within the term irrespective of earlier survival benefits.