Whole life policy is the simplest form of permanent life insurance, named because it provides coverage that lasts your entire life as long as premiums are paid. 1. Unlike term, it's not a "pure life insurance" product because it includes a cash value component.

The full form of ULIP is Unit Linked Insurance Plan. A ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term goals, and a life cover to financially protect your family in case of an unfortunate event. The premium paid towards a ULIP is divided into two parts.

An endowment plan is a life insurance plan that offers a life cover and helps you grow your money. It provides returns that are fixed at the time of the purchase of the policy.

A money back policy is a form of life insurance policy that allows the insured to receive a portion of the sum assured at regular intervals rather than a lump sum at the end of the policy period. As a result, a money back insurance policy is an endowment scheme with certain liquidity.

Child insurance plan is an investment cum insurance plan from life insurance companies, which offers financial safety to your child's dreams and goals. You can use a child insurance plan to invest in the big life goals of your child like higher education and marriage.

A retirement plan is a type of life insurance plan designed to fulfil the post-retirement needs of an individual. It helps create a corpus amount and generate a regular income after retirement in the form of a pension. Hence, it is also known as a pension plan.