Life insurance is a form of insurance that covers the financial needs of your family in case something happens to you. The most common reason for taking life insurance is to cover the debts that you have incurred.
In India, there are several types of life insurance policies available which help you to cover your future financial needs.
Let’s take a look at the different types of life insurance policies and what they offer.
1. Term Life Insurance
Term life insurance policy is one of the cheapest type of insurance that is available in India. It covers the life of the insured person only for a certain period. The most common term life policy that is available in India is 2 years. It is affordable and easy to understand.
2. Universal Life Insurance
Universal life insurance is the best way to cover your family’s future needs. You can customize your universal life insurance policy according to your requirements and budget. It helps you to save money by paying low premiums.
3. Endowment Policy
An endowment policy is a form of insurance that pays a fixed amount every year for a certain period of time. This is one of the most popular type of insurance in India.
Conclusion:
In conclusion, there are different types of life insurance policies available in India, but the most common type of life insurance policy is term life insurance. It is easy to understand and affordable. So, if you are looking for a life insurance policy then you can try term life insurance.