Different Types Of Life Insurance plans | HDFC Securities

A Life Insurance Policy, in simple words, is an agreement between the insurance company and the policyholder. The latter pays regular premiums (or in lumpsum) in exchange for the promise that the nominee (usually a family member or dependent of the policyholder) will be paid an assured sum in the event of the untimely death of the insured. The idea behind a Life Insurance plan is to offer financial security to the dependents and family members of a policyholder in case he or she dies. Many people also opt for a Life Insurance Plan for the dual purpose of protection and saving or wealth creation.

There are different types of Life Insurance policies one can opt for. Some of the key types are listed below:

Term Life Insurance Policy

Whole Life Insurance Policy

Endowment Life Insurance Policy

Unit-Linked Insurance Plans (ULIPs)

Moneyback Policy

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