Types of Life Insurance in detail

Whenever we consider Life insurance as a product...this product is internally divided into 3 main types for satisfying customer needs.Those types have been demystified here:

1. Whole Life Insurance : A type of life insurance where the person/insured is protected throughout his life.As name suggests, this policy is meant to cover whole life of the insured.Some of the basic questions on whole life insurance:

•  How long I have to pay premiums?

The premium payments tenure can be decided by you, it can vary around 15 yrs to 40 yrs depending upon the amount and benefits.

• In case of death, how policy will proceed?

In case of Death, the policy proceeds would be directed to nominee. The benefit amount mentioned in Policy print(statement) with settlement charges will be handed over to nominee.

• Do I have to pay premiums till death?

Absolutely not. You can fix the tenure of premium payments and after that your policy will continue to remain active till the death.