Life Insurance is generally considered to be one of the most important requirements for living a comfortable and secure life. Life insurance not only ensures that your loved one is well taken care of even when they are no longer with us, but it also helps you build a fulfilling body to achieve your future financial goals. 

One of the main advantages is the wide range of different types of life insurance plans and policies offered to potential policyholders. You can choose the plan of your choice based on your individual needs. 

Read on to learn more about the different types of life insurance available to policyholders on the market. 

Term Plan: Term insurance is generally considered the simplest form of life insurance. Term insurance is a pure compensation plan that provides coverage for a specific period of time. If the life insured dies during this period, the insured will receive a specified death Benefit. The main feature of term insurance is that it provides a high level of protection at a very low premium rate. Certain term plans also offer maturity benefits. H. Refund of insurance premiums if no claims are made during the contract period. You can also increase the coverage amount of your term plan by selecting additional contributors, such as: B. Payment of Accidental Death Benefits or Child Support. 

Unit Linked Insurance Plan (ULIP): 

Among the different types of life insurance policies available, ULIP is very popular due to its versatility. ULIP offers the dual benefits of investment and insurance. A portion of the premium paid for ULIPs is used to secure insurance coverage and the remaining premium is invested in various investment vehicles including market-backed equity funds, bond funds and other securities. Masu. ULIPs are very flexible products as investors can easily switch and redirect their premiums between different funds available. ULIPs are also touted to have an advantage over other market products in terms of tax benefits as the proceeds are exempted from LTCG (Long Term Capital Gains). 

Endowment insurance plan: 

This is another type of life insurance that acts as both insurance and a savings tool. The purpose of endowment insurance plans is to provide the insured with the maturity benefit as a lump sum at the end of the contract period, even if no claim is made. Endowment insurance is ideal for people who want maximum protection and significant savings at the same time. It helps policyholders develop the habit of saving while providing financial security for their families. There are two main types of equity plans: for-profit and non-profit. A policyholder can choose between these two types depending on his risk tolerance. 

Cashback Life Insurance: 

One of the best types of life insurance. Money-back insurance provides the policyholder with a percentage of the total policy amount in the form of a periodic survival benefit. As soon as the policy matures, the balance of the insured amount is transferred to the policyholder. However, if the policyholder dies during the term, the remaining dependents will receive the full insured amount without any deductions. Life insurance: In contrast to term insurance, which allows the insured to insure the insured only for a set period of time, life insurance provides coverage until the policyholder dies. Depending on your financial needs and risk tolerance, you can choose between participating or non-participating insurance. Participating life insurance has higher premiums, but dividends are paid periodically to policyholders. Non-participating policies have lower premium rates, but policyholders typically do not benefit from regular dividends. 

Child Plan: 

Child Plan is one of the different types of life insurance available to policyholders. Such plans are tailored to the specific purpose of ensuring the financial security of the policyholder's children in the event of the unfortunate death of the policyholder. Ideal for ensuring that your child's future needs are adequately covered even if you don't have life insurance. Parents can invest in a Child Plan to meet their child's financial needs for education and marriage, or to meet various other financial goals that their child may have. 

Different types of life insurance give potential policyholders a wide range of options to suit their individual needs. 

The iSelect Smart360 Term Plan from Canara HSBC Life Insurance offers comprehensive coverage at an affordable price and also allows policyholders to choose the frequency of premium payments. This insurance can be further enhanced with integrated additional benefits such as accidental death benefit and permanent disability benefit, providing comprehensive protection to the policyholder.