1 / 6

Types and Classification of Life Insurance Policies

Life insurance can be classified into several types based on various criteria. One common classification is based on the duration of coverage. Term life insurance provides coverage for a specific term, typically 10 to 30 years, and pays a death benefit if the insured passes away during that period. Permanent life insurance, on the other hand, offers lifelong coverage and includes policies such as whole life and universal life. Another classification is based on the benefit structure. <br>https://www.bhartiaxa.com/be-smart/life/types-of-classification-of-life-insurance

Akshat6
Download Presentation

Types and Classification of Life Insurance Policies

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Types and Classification of Life Insurance Policies

  2. Introduction

  3. Life Insurance policy is very necessary for family security. We all know that life is full of uncertain events. With the help of life insurance one can be financially secure. With the help of this financial security one can be financially strong and also achieve their goals. It will also help your children’s to go for higher education and make their dream true. There are many different types and classification of life insurance policies. Classification of life insurance policies is based on their customizable features. Some of them are as follows.

  4. Premium Payment Frequency Premium Payment Frequency allows you to choose the interval between two premium payments. • Policy Coverage Term It means a duration of life coverage. Mostly it ends with the premium payment terms. Only a few insurer gives coverage till your age limit. Some give upto 100 years of age. • MoneyBack Policy In your chosen life insurance if you have a money back policy than at the time of your policy maturity you will get back entire premium amount. This repayment is fully tax-free according to the income tax laws. • Interest Benefits Insurance policies with higher premiums and longer durations give the policyholder interest on premium money received.

  5. Types of Life Insurance policies are as follows : • Term Life Insurance Term life insurance

More Related