Various Types and Plans of Life Insurance

• Preface
• Meaning and definitions of life insurance
• Origin and Development of Life Insurance in India
• Different types and plans of life insurance
• Things to keep in mind while choosing the right insurance cover,

Insurance has evolved to provide protection against risk. Human life is full of risks. Being a rational animal, man wants the security of himself and his family. Life insurance has emerged to provide protection against various risks that come/arise in the life of human beings. Human beings have various needs. He seeks protection against death, accidental illness, old age, accidental events, family distress and insecurities and various needs and insecurities of dependents. As a result, different types of life insurance papers have come into play.

Life insurance is a contract between the insurer and the insured, in which the insurer, in exchange for a fixed premium (premium), promises to pay a fixed sum to the insured during the term of the insured on the death of the insured or at the end of the insured term.

Many scholars have defined life insurance. Some of the major definitions are as follows:-

According to J.F. Magee, “A life insurance contract in broad terms is an arrangement under which the insurer undertakes to pay a certain sum of money to a certain insurance beneficiary at a specified time in the event of the death of the insured.”

According to the Life Insurance Corporation of India, “Life insurance is a contract in which there is an arrangement to pay a certain sum of money to the insured on the occurrence of a particular event or to his heirs on his death.”

According to the Confederation of Insurance Institutions, Bombay, “ Life insurance is a contract under which An undertaking by one person (the insurer) to pay a specified sum of money to another person (the insurer or his heir) on payment of a consideration, i.e. a fixed sum or a periodic payment called a premium, on the occurrence of an event dependent on human life.

In short, it can be said that life insurance is a contract between the insurer and the insured, in which in return for a fixed premium, the insurer will pay the insured or his dependents a certain amount on the death of the insured or on the expiry of a certain period. Neither promises to pay the amount.

There is a saying that necessity is the mother of invention. This saying fits perfectly on the origin and development of insurance. Life insurance has evolved to meet the need of human security. Group insurance and fire insurance originated for the first time in India. The advent of life insurance in India in its modern form occurred in 1918 with the establishment of its office in Calcutta by the English company Oriental Life Insurance. This was followed by other life insurance companies like Bombay Insurance Co. (1829) Madras Equitable Life Insurance Co. (1829) and Oriental Government Security Life Insurance Company (1947) were established in the country.

The Indian Life Insurance Companies Act was passed in 1872 and the Indian Insurance Companies Act in 1928 to give legal form to insurance and to establish statutory control over insurance. In 1938, a comprehensive Integrated Insurance Act 1938 was made by merging the prevailing Insurance Acts in India. Initially, life insurance business in India was done by private sector companies/individuals/institutions. But keeping in mind the protection of the interests of the country and the insured, the Life Insurance Act of 1956 was passed in 1956. Life insurance was nationalized in 1956 by this act.

As described in Unit No.-04, the process of liberalization of insurance started in India in the 1990s and in 1999, the Insurance Regulation and Development Authority Act, 1999 was passed, through which private and foreign companies were allowed to enter the field of life insurance. permission was granted.

As mentioned earlier, the origin of life insurance is to get protection against the insecurities and risks of human life. As the needs of human beings to obtain protection diversified, the types of life insurance policies also diversified. There are many types of life insurance letters in circulation today, some of the main ones are as follows –

1. Life Assurance – As the name suggests, under this insurance, the person has to pay the insurance premium for the whole or almost the entire life and the amount of insurance is usually paid to his dependents or heirs after his death, not to himself. Is . It is clear that this insurance has been developed not for the protection of self, but for the protection of family and dependents. Generally, five types of life insurance are in trend,
   1. Simple life insurance letter – All the above mentioned features of life insurance are found in this insured. These insurers are generally issued till the person attains the age of 80 years or till the completion of the insurance period of 35 years, whichever is later. This insurance policy is suitable for such persons who have the regularity of the means of income and the certainty of getting income for life and who want to provide financial security to their dependents and family members after their death.
   2. Limited Pay Life Assurance – In this policy, the insured has to pay the insurance premium not for life but for a chosen limited term or till death during that term, whichever is earlier. On maturity of this insured, the sum assured is not paid to the insured during his life time but after his death to his heirs or nominees. This insurance policy is suitable for such persons whose sources of income are likely to remain for a certain period only and the insured wants to provide financial security to his dependents after death.
   3. Single Premium Life Assurance – as the name suggests. In this letter of insurance, the insured has to pay the entire premium amount in one go. After the death of the insured, the sum insured of this insurance is given to his dependents, heirs or nominees. This insured is suitable for such persons who do not have regular sources of income and they suddenly get a lot of money from somewhere and they want to protect their family after their death with this money.
   4. Variable Life Assurance – This insurance is initially a life insurance policy at the time of issuance, but in this the insured is given the option that after paying the insurance premium for a certain period, if he so desires, this insured can be changed to other types such as endowment, Term etc. can be converted into a letter of insurance. This option is generally given the right to exercise the insurance policy after the completion of the period of five years. This cover is more suitable for such insured who have started their livelihood recently and their income is low in the beginning and there is a possibility of increasing the income in future.
   5. Expected Life Insurance – This policy of insurance is a combination of life limited pay insurance and anticipatory insurance and in this insurance policy, an attempt has been made to include the main features and major benefits of both these types of insurance. In this policy, the insured money is paid only to the heirs or nominees of the insured after the death of the insured, but the insured is also paid an amount intermittently after a certain time interval in his life so that he can generate during his lifetime. Be able to meet the requirements. The amount paid to the insured during his lifetime is not reduced to the amount received by the heirs after the death of the insured. This insurance policy is suitable for such insured who want to provide financial security to their family after death as well as pay the sum insured to meet their needs during their life time also.
2. Endowment Insured – An endowment policy is such an insurance policy, which is issued for a fixed period and not for life. The insured has to pay the insurance premium for a certain period (term of insurance) or till his death whichever is earlier. At the end of the term of insurance, the insurance matures and the sum insured is paid to the insured along with all the benefits earned on the insured. If the insured dies during the term of insurance, the sum assured is paid to the heirs or nominees of the insured. It is a very useful insurance policy as its benefits are available to the insured himself. And on the death of the insured during the insurance period, the family gets financial security. In India, many types of endowment insurance have been issued according to the need of the insured. Some of the main types of Endowment Insured are as follows
   1. General Endowment Insured – All the properties of Endowment Insurance are found in this insured. It is issued for a fixed period which can be 15, 20 or 25 years as per the convenience of the insured. In this insured, the insured has to pay the premium for the term of insurance chosen by him. At the end of the term of insurance, the insured becomes mature. If the insured dies before the completion of the term of insurance, the sum assured is paid to the heirs or nominees of the insured. This insurance is more useful for those persons whose continuity of income is limited to a certain period. This insurance is also suitable for persons who have to provide financial security to the family after death or make arrangements for their old age.
   2. Net Endowment Assurance – It is such an endowment insured, the sum insured of which is paid to the insured himself on the completion of the insurance period along with benefits. In the event of the death of the insured, the nominees or heirs of the insured are not entitled to the sum assured. is done . But they have the right to get back the premium paid on the insured as follows, in the event of death during the term of the insured,
      1. refund of the total premium paid in case the death of the insured occurs in the first three years from the date of issue of the insured, and,
      2. On the death of the life assured after three years, 25% of the premium paid on the insured will be returned with compound interest. This letter of insurance is suitable when the insured is not dependent on others and the insurer is not ready to insure the insured at the certified premium rates.
   3. Joint Life Endowment Assurance – Such an insurance policy which is issued jointly on the lives of two or more persons for a fixed period, is called Joint Life Endowment Insurance. On completion of the term of insurance, the sum insured along with the benefit is paid to the joint insured. , But if one of the joint insured dies during the insured period, then the benefit of the sum insured along with other payment balance is made to the joint insured. If all the joint insurance holders die during the term of insurance, the sum assured is paid to their heirs or nominees. Such an insured is suitable for getting protection against the risk to the joint life of the spouses and the partners.
   4. Double Endowment Assurance – This insurance paper is called Double Endowment Assurance because under this, if the insured survives for the entire insurance period, then he is paid twice the amount insured. But if the insured dies during the insured period, then his heirs or nominee is paid not twice the sum insured but only the sum insured along with the benefit. This letter of insurance is called endowment because it is issued for a period and the insured has to pay the premium for that fixed period only. This insurance is more suitable for such persons whose health is normal, not suffering from any serious illness and who have full confidence of their survival for the entire insurance period.
   5. life partner’s “double joint life endowment ” insurance – As the name of this policy suggests, this life insurance is issued on the joint life of the life partner i.e. the joint life of the husband and wife, if both the life partners are alive for the entire insurance period, then on completion of the insurance period, they will get The principal amount of the insured along with the profit is paid. But if one of the spouses dies during the term of insurance, then only the Basic Sum Assured without benefit is paid to the remaining surviving spouse on the death of the other spouse. But here the insured does not mature but continues if the other (remaining) spouse survives for the entire life insurance period. After this, the entire sum insured along with the profit is paid to him. If this life partner also dies before the completion of the term of insurance, then the sum insured along with the benefit is paid to the heirs or the nominees. This insurance cover is suitable for such persons in which both husband and wife earn their livelihood.
   6. “Jeevan Mitra ” Double Benefit Endowment Assurance – This insured is the opposite of Jeevan Saathi Dual Joint Endowment Life Assurance. Under this, if the insured survives during the entire insurance period, then he is paid the sum insured along with the benefit. But In case of death of the insured during the term insured, the heirs or nominees of the insured are paid twice the sum insured along with bonus. The option of availing accident benefit is also given with this insured. If an insured is Re 1 per thousand Rs. In case of accidental death, an additional amount equal to the sum assured is paid to the heirs/nominees of the insured. Thus, in case of accidental death, the sum assured to the heirs/nominees of the insured is three times the sum assured in addition to bonus. This insurance cover is more suitable for such persons who are more concerned about the safety of their dependents in the event of their death than their own security and want to provide them security.
   7. Marriage Endowment Insured – As its name suggests, this insured is designed to provide money for the marriage of the dependents of the insured. Under this policy, the sum assured along with bonus is paid to the insured in one lump sum or in 10 monthly installments as per the option chosen by the insured. Under this policy, the insured has to pay the premium amount after a fixed interval for a specified period. If the insured dies before the completion of the policy term, then the balance premium amount is not required to be paid. This insurance is suitable for such persons who have the responsibility of marriage of their children and they want to fulfill that responsibility well.
   8. Education Annuity Insured – This insured is completely similar to marriage endowment insurance. The only difference is that under this the insured parents want to arrange money for the education of their children, especially for higher education.
   9. Progressive Protection Insurance – This insured is designed keeping in mind the needs of such persons. Those who have low income at present and there is a possibility of increasing income in future and who want that the insurance premium should increase when their income increases in future. Under this insured, initially the insured is issued for less principal amount. And on the completion of five years of the term of insurance, the sum insured increases by one and a half times and on completion of ten years, the amount of premium payable on the insurance policy also increases in the same proportion. On maturity of the insured, the sum insured along with the bonus is paid to the insured. If the insured dies during the term insured, the sum assured along with bonus is paid to his heirs or nominees.
   10. Guaranteed Triple Benefit Insurance – As the name suggests, this insurance policy provides three types of benefits to the insured. First, if the insured dies during the term of insurance, the entire sum assured including the sum insured and the increase in the sum insured at the rate of 25 per cent per annum (excluding the first premium) is paid to his heirs. Second, if the insured survives for the entire insurance term, he is paid an amount equal to the Basic Sum Assured. In addition to the cash payment made in the third above, the family members of the insured are also issued a fully paid insurance letter (on which they do not have to pay any premium) equal to the Basic Sum Assured. It is paid to the family members of the insured. This insurance on death is very useful and suitable for such persons who want to provide financial security to their dependents in case of their premature death.

1. Multipurpose insurance policy – This is such a wonderful insurance policy that has been developed to meet the multiple needs of the insured through a single insured so that he does not have to buy different insurers to meet his different needs . In this insurance, arrangement has been made to provide two types of benefits, basic benefit and supplementary. Basic benefits are also divided into two categories –
   1. 1. In case of survival throughout the term of insurance and in case of death of the insured during the term of insurance. If the insured dies during the period of life assured, he is paid-
         1. On death a cash payment of 10% of the sum assured.
         2. Income is paid monthly at the rate of 15% per annum on the sum assured for a specified period from the date of death.
         3. Additional payment at the rate of 15% per annum on the sum insured is made as monthly income for two years from the date of death, and
         4. at the end of a certain period 90 percent of the sum assured as a lump sum plus bonus. and is paid with all other due benefits. If the insured survives after the expiry of the term of insurance, he is paid –
            1. the entire sum assured along with bonus and other benefits payable or
            2. the insured may opt for any one of the following benefits in its place: Can do .
               1. Annuity for a fixed term which may be maximum of 25 years
               2. Fixed amount as annuity for whole life
               3. Annuity for a fixed period or
            3. Supplementary Benefit payable on the death of the Life Assured on a fully paid-up non-insured is received on such insureds having Sum Assured of Rs.5000 or more. The supplementary benefits are as follows:
               1. 100 per month paid for completing school education from the date of death of the child till the child attains the age of 17 years.
               2. 200 per month to the child from the age of 17 to 21 years on the date of death of the insured or in case of his death earlier.
               3. If the insured dies before his daughter attains the age of 19 years, then a daughter will be entitled to a maximum of 10% of the sum insured on the completion of her 19 years of age.
               4. If the insured dies before his son attains the age of 21 years. On completion of 21 years, each son will get 10% of the maximum sum insured and then the age percentage of the son. This insured is suitable for such persons whose income is good at the time of purchasing the insured but later on like in old age, when they have to fulfill their family obligations, their income is likely to decrease.
2. Term insurance policy – Term insurance policy is such an insurance policy which provides insurance cover only for a specified period and is issued for a fixed period only. This policy of insurance is generally issued for a period of 05 to 15 years. The distinguishing feature of this insured is that the money of the insured is paid to the heirs or nominees of the insured only when the insured dies during the term of the policy. If Mit survives for the entire insured period, then he does not get any amount. There is an element of protection in this insurance sector, but there is a lack of investment element, so it is not very popular. Mainly the following types of term insurance have been issued in India –
   1. Variable term insurance policy – Under this insured, the policyholder is given the option that if he wishes, after the expiry of a certain period of time, this insured will be changed to any other policy. Get it converted into other insurance papers like life insurance or endowment insurance. Life Insurance Corporation of India has issued a similar policy in which the insured has been given the option to convert his policy into a limited payment life insurance or endowment policy two years before the expiry of the term of the insured.
   2. Diminishing Term Assurance – This insurance is of diminishing nature in which the sum insured decreases every year and the sum insured becomes zero in the last year. Just as the depreciation on a fixed asset is depreciated every year, its value is reduced and in the last year its value becomes zero. Same happens with this insurer as well. In the meantime, along with the reduction in the sum insured, the amount of premium also decreases. Such an insurance policy is suitable for individual borrowers who pay the loan instalments.
   3. Renewable Term Insurance – It is a term insurance policy in which facility is provided to the insured to renew the policy before the expiry of its term. If the insured gets his first term insurance policy renewed, then he has to pay the increased premium amount according to his increased age.
   4. Two Year Temporary Term Assurance – This policy is issued for a period of two years and for those insured. Suitable for those who want to get short term security. Under this policy, the premium for two years has to be paid in lump sum. If the insured dies within a period of two years, the sum assured goes to his/her heirs/nominees. If the insured survives for two years, no money will be received under the policy. Clearly this insured is suitable for providing protection to persons who are in fear of death. And sees the danger of imminent death.
   5. Capital Redemption Insured – This policy is issued not to provide financial security to the insured but to pay the capital claims of the insured. Under this insurance policy, the Life Insurance Corporation of India provides a fixed sum of money to the insured on a specified date. Which he can use to pay off his capital liabilities like loans of machines, debentures, leased property etc. In this, the amount of premium is decided not according to the age of the insured but according to the term of the policy.
   6. Insurance Message: ‘Premium Bank Term Insurance’ – This policy is an improvement over the traditional term insurance by removing their shortcomings. has been made . In this policy, if the insured dies during the insured period, then the sum insured is paid to his heirs / nominees, but if the insured survives for the entire insurance period, then after the end of the insured period, the sum insured is paid by him. The total premium amount (excluding accident insurance premium) is paid. The full value of this policy can be obtained after paying the premium for five years. The facility of revival of its insurance policy has also been provided.
   7. Insurance Kiran: Insurance cover – This insurance cover is specially designed for the youth. Physically handicapped persons who do not have an arm or leg and come under Group ‘A’. Two Rs. This cover can be reduced by paying additional premium amount per thousand. Persons engaged in dangerous and risky business pay Rs. It can be purchased by paying additional premium at the rate of Rs. This insurance cover is minimum Rs. 50,000. and maximum Rs.300000. amount can be purchased.
3. Child Life Insurance – As it has already been written that the development of insurance has been done to meet the need of financial security of man. Being a rational being, man wants to secure the future of his children. To fulfill this need, many child insurance schemes have been started, some of which are major

1. Marriage Endowment Insurance – It has been described earlier under the title Endowment Insurance.
   1. Education Endowment Insurance – This has also been described under the title Endowment Insurance.
   2. Child of Life Assurance – This insurance is taken by the parents on the life of their children. At the time of taking insurance, the minimum age of the parents can be 21 years and maximum 50 years and the maximum age of the child on whose life this insurance is being taken can be 17 years. Under this policy, the risk of the insurer is on the child attaining the age of 21 years. Prior to this, this insurance policy remains in a belated state. If the child on whose life insurance is taken dies within the belated period, then the insured is canceled and the insured (proposer) gets all the amount which he has paid as premium.
   3. life Insurance policy – Life Insurance Corporation of India has issued a new Delayed Endowment Assurance in the name of Jeevan Kishore. This insured can be taken on the life of children in the age group of one to twelve years by the parent or guardian of the child whoever is alive and both of them are not alive. Sum Assured Minimum Rs.10,000/- 5,00,000 in the case of a child below the age of 10 and Rs.10 lakh in the case of a child above the age of 10. It is possible . The risk under the insured begins two years after the date of the insured or on the first anniversary of the insured falling after the child has attained seven years of age, whichever is later. But in every situation, after the child has completed 12 years of age, the risk starts from the knot in the first year of the letter of insurance. On completion of the policy term, Sum Assured Bonus and additional bonus, if any, is paid to the insured. If the Life Assured dies during the term insured, the heirs get all these benefits provided the death of the insured occurs after the commencement of the risk under the policy. But if the insured dies before the commencement of the risk, the premium paid is refunded after deducting some expenses etc.
   4. Life Cover Letter – This insurance policy has been issued by the Life Insurance Corporation of India on the life of children with a view to arranging for the expenses of higher education of the children. This insurance policy can be taken by any of the parents for a period of 20 to 25 years on the life of the child below the age of 1 year given to him. The age can be between 20 to 40 years at the time of proposing the garland father. In case of certified age, the maximum age can be 45 years. Sum Assured Minimum Rs.10,000 and Maximum Rs.1,00,000. It is possible . Arrangement has been made to pay one-fourth of the amount at the end of each year in the last four years of the insurance period for the refund of the sum insured. On completion of the insurance period, there is a provision to pay the entire sum insured and the bonus and additional bonus amount payable thereon.
   5. Life insurance cover – This policy is issued on the life of a female child whose age is between one year and twelve years. Under this policy, the premium has to be paid for a limited period only. The term of the policy is decided by deducting the age of the girl child from 50 years (50 years, the present age of the girl child) and the premium payment period by deducting the age of the girl child in 20 years (20 years – the present age of the girl child) for the insurance period or The death of the girl child, whichever is earlier, has to be done only. Insured Rs.10,000 56,000 to Rs. can be up to The sum assured along with bonus and other benefits is paid on maturity of the insurance. If the death of the insured takes place before the commencement of life under the letter of insurance, then the contract of insurance is terminated and the amount of all the premiums paid is returned. If the death of the insured occurs after the commencement of the risk under the insured but before the maturity of the insured, the entire sum insured along with the bonus and other benefits payable thereon is paid and the contract of insurance is terminated.
   6. Children Money Back Policy – This insurance policy to provide financial support for the education of children and to start a business or profession to earn their livelihood. This insurance policy has been developed that can be taken by the parents of the children or in the absence of them by the statutory guardian of the child on the life of the child from the newborn to the age of 10 years, but under this, there is a need to buy an insurance against risk. After two years or after the child attains the age of seven years, the first anniversary of the insured, whichever is later. Sum Assured Minimum Rs.25,000. or in multiples thereof subject to a maximum of Rs. 5,00,000. It is possible . It is called money back because the sum insured is paid in installments during the insurance period. After the child attains the age of 18 years, 20 percent of the sum insured is paid on the first anniversary of the indemnity, 20 percent after two years, 30 percent after two years and 30 percent again after two years. The sum insured along with the bonus payable is paid on maturity of the insured. If the Life Assured dies during the period of Sum Assured, the entire Sum Assured including the Bonus is paid provided the death of the Life Assured occurs after the commencement of the risk in the Insured.
   7. Child insurance policy – As the name suggests, this insurance policy has been developed to provide for the expenses incurred on completing the education of the children and then starting their career. This insurance can be taken by any of the parents on the life of the child from the newborn to the age of 12 years and if the parent is not alive then the statutory guardian of the children. The age of the proposer can be minimum 20 years and maximum 70 years at the time of purchase of insurance. Sum Assured Minimum Rs.25,000. or in multiples thereof up to a maximum of Rs.1000000. It is possible . Annual benefit is payable on the child attaining the age of five years or two years after the date of insured, whichever is later. This annual benefit is given 12 percent of the sum insured till the child completes the age of 9 years, 24 percent of the sum insured till the age of 10 to 17 years and 48 percent of the sum insured till the age of 18 to 23 years. Apart from this, after the child attains the age of 18 years, a lump sum amount equal to the sum insured is paid on the first anniversary of the insured. Similarly, after the child attains the age of 23 years, the accumulated guaranteed increase and loyalty addition (if any) are paid on the lumpsum of the insured in the first year. Unfortunately, if the proposer (parent/guardian) dies during the term of the insured, an amount equal to the sum insured is paid to the child on whose life the policy is taken.
2. Pension Insured – These are such insured papers under which the life-timer receives money in the form of pension to the life partner and after his death, after a certain time interval, which is chosen by the pensioner. The following are the main pension insurers
   1. Jeevan Dhara Assurance – This is a belated annuity insured. Under this policy, the amount is paid in the form of monthly installments in the form of pension to the insured after completing 50 years of his age. If the insured dies before reaching the age of pension, the entire amount of premium paid on the insured along with interest is paid to the heirs of the insured. Delay period of insurance policy can range from 2 years to 35 years. There is an option of paying the premium in annual installment or lump sum payment during the period of the letter. After the commencement of the pension, on the death of the insured, his heirs are paid the entire Sum Assured and Life Dhara Bonus. But if the insured dies before attaining the age of pension, then the entire premium amount in case of death in the first year of taking the policy, the amount of premium and the interest due on death in the second year or after that is paid. Jeevan Dhara Bonus is also paid on death after 10 years. If the premium is paid annually on the insured, then in the first three years of purchase of the insured, the amount of premium paid in the event of death, on the death of the fourth year or after and interest thereon and after 10 years Jeevan Dhara Bonus is also paid on death.
   2. New Jeevan Akshay Bima Patra – This is an insurance policy developed to provide for old age pension. Which can be purchased by any person in the age group of 40 years to 79 years. In this, the premium has to be paid in one lump sum and the sum insured is minimum 25000 rupees. And after that 1000 Rs. It can be any amount in multiples of . In this insurance policy, five options are given to the insured, out of which he can choose any one according to his convenience. Life pension, second fixed amount for a specified period, third pension till survival and some percentage of purchase price on death, fourth life pension at increasing rate of 3 percent and fifth life pension to the insured and 50 percent of the pension to the spouse after his death. If the premium is paid annually on the insured, then in the first three years of purchase of the insured, the amount of premium paid in the event of death, on the death of the fourth year or after and interest thereon and after 10 years Jeevan Dhara Bonus is also paid on death.
   3. Jeevan Sarita Joint Life and Survivor Annuity Certificate – Jeevan Sarita Insured is an insured that is issued on the joint life of husband and wife. The specialty of this policy is that on the death of either of the joint insured spouses, a fixed amount is paid to the survivor as annuity (pension) in addition to a fixed lump sum amount. On the death of both the insured, the entire sum assured along with bonus is paid to their heirs. The amount of the Insured is expressed in units. The amount of one unit is Rs 7500. is equal to. The insured has to insure a minimum of 5 units and a maximum of 30 units. Under this policy, payment is made on the basis of per unit in different cases, which is as follows –
      1. If both the insured survive for the entire insurance period, then Rs. And the amount of final additional bonus is Rs.50. Last survivor annuity of Rs.5000 per month and Rs. On the death of the last survivor to his heirs.
      2. Rs. 2500 on the death of the first life assured during the period insured. And the final additional bonus will be Rs.5000 on the death of the survivor insured. to his legal heir.
      3. On the death of the second insured during the term insured, Rs. 2500. And the amount of final additional bonus will be Rs.50 to the first insured for the rest of his life. 5000 per month and after the death of the first insured Rs. to his legal heirs.
      4. If both the insured dies together then Rs. 7500. And the amount of final additional bonus will be given to their legal heirs.
   4. Jeevan Suraksha Assurance : Delayed Annuity Plan or Private Pension Insurance – is an insurance policy that allows people to save in their working life and provide pension facility after retirement or end of working life. The age which can be anything between 50 to 79 years has to be selected by the insured himself to receive the pension. The age of the insured can be between 18 years to 68 years at the time of purchase of the insured. The premium paying period can be from 2 years to 35 years. Sum Assured Rs. 50,000 and after that Rs.10,000. Any amount can be in multiples of . If the life insured dies in a belated period (before attaining the age of receiving pension) and his/her spouse is alive, he/she will be entitled to 50% to 85% of the normal pension according to his age and tenure for at least 15 years. is paid for. In case his/her spouse is not alive, his/her nominee is paid a proportionate minimum amount out of the notional cash option amount. If the insured dies after the end of the deferment period and the life assured has taken joint life option, at least 80 percent of the normal pension will be paid to the surviving spouse for life. But after the death of the surviving spouse, the nominee of the insured will get pension only for the remaining period out of the total period of 15 years.

1. Other insurance policies – In addition to the above mentioned insurance schemes, insurance companies have developed many other insurance policies. Some of these major ones are as follows:
   1. Money Bank Insured – Under this insured, money is paid to the insured before the maturity date for a certain period of time to meet his needs. This insurance is issued for maturity period of 20 and 25 years. At the end of the fifth, tenth and fifteenth year on the policy of 20 years, 20 percent of the sum insured is paid, and at the end of the twentieth year, the remaining 40 percent of the sum insured and bonus is paid. On an insurance policy with a term of 25 years, 15 percent of the sum assured is paid at the end of the fifth, tenth, fifteenth and 21st years and the remaining 40 percent is returned along with bonus at the end of the 25th year. If the Life Assured dies at any time during the policy term, the entire Sum Assured along with Bonus is returned to his/her nominee/heir.
   2. Future Life Assurance – This insurance policy is different from other insurance papers. Under this policy, the amount of premium to be paid in the first five years is three times the amount of premium to be paid in the subsequent years. The term of insurance is 15, 20 and 25 years. Minimum age of purchase of insurance is 12 years and maximum is 45 years. Sum Assured Minimum Rs.10,000/- It is possible .
   3. Jeevan Griha Triple Security Endowment Insurance – The basic purpose of issuing this insured was to facilitate the arrangement of loans for construction of houses. But now anyone can buy it. It can be purchased by any person whose age is between 18 years to 50 years. The term of insurance can be from 5 years to 30 years. But the age of the Life Assured at maturity should not exceed 65 years. Sum Assured Rs.10,000 Two lakh from Rs. can be up to According to the terms of this insured, if the insured dies during the term insured, then he is paid twice the sum assured but if the insured survives for the entire insurance period, then he is paid only the sum assured. . Accident benefit benefit can be added to this by paying additional premium.
   4. Jeevan Home Triple Security Endowment Assurance – The only difference between this and the previously mentioned insured is that in this insured, if the insured dies during the period insured, he will get an amount equal to three times the sum insured instead of two times. is paid.
   5. Jeevan Surbhi Bima Patra – This insured is an improved form of money back policy. In this, the insurance premium has to be paid not for the entire insurance period, but for a limited period. If the maturity period of the policy is 15 years, then the premium has to be paid up to 12 years, if the maturity period is 20 years, then up to 15 years and if the maturity period is 25 years then the premium has to be paid only till 18 years. Like a money back policy, in this policy, the insured has the right to get the money back after a certain period of time between the insurance periods. Entire Sum Assured along with the bonus payable in case the Life Assured dies during the Sum Assured. The heir is paid. In the event of death, the heir/nominee is paid a certain additional sum in addition to the Basic Sum Assured and the bonus amount payable.
   6. Ashadeep Insured: – Ashadeep Life insurance letter was issued for a short period, but keeping in mind the popular demand of this insured, Ashadeep. Insurance cover has been issued. This insured is issued to provide protection against risk arising from four dangerous diseases viz. Cancer, Disability due to Paralysis, Inactivity of both kidneys and Cardiovascular diseases due to which bypass surgery has been done. This policy can be taken by persons in the age group of 18 years to 50 years, but the age of the survivor should not be more than 65 years at the time of maturity of the insured. The term of insurance can be 15, 20 or 25 years. The sum insured is fifty thousand rupees. three lakh from Rs. can be up to, Under this insured, 50 percent of the sum insured is paid immediately on the determination of any of the four mentioned diseases. 10% of Sum Assured is paid every year during the period of illness and balance 50% of the bonus amount payable is paid on the maturity of the policy or on the death of the insured before that. If the insured does not suffer from any of the above diseases, the entire sum assured along with the bonus is paid on maturity of the insured or on the death of the insured, whichever is earlier.
   7. New ‘Jeevan Shree’ insurance policy: – This insured is to protect key persons from loss due to non-living of important persons such as industrialists, business managers, contractors, consultants, land owners, non-resident Indians. It is released on the life of film and modeling artist etc. In this, the premium of the insurance has to be paid for a limited period only. The term of insurance can range from 5 years to 25 years and the age of the insured can be from 18 years to 60 years. But the age of the Life Assured on Maturity Benefit should not exceed 70 years. Sum Assured Minimum Rs.5 lakhs. And after that Rs 1 lakh. 70 of the Sum Assured on the maturity of the insured or the death of the insured whichever is earlier. Per thousand assured bonus and loyalty additions are paid out.
   8. Jeevan Aadhar Insured: – This insurance can also be purchased by an individual or any member of a joint family for the benefit of any of his disabled dependents or for himself. When the insured dies, the sum insured along with due bonus is paid to his successor or to the nominee or trustee for the benefit of the heir. It is a life insurance policy in which the insured has to pay premiums for life or for a selected period which can be anything from 10 to 35 years. If the dependent for whose benefit the insurance is taken dies before the death of the insured, then the insured has two options, first he can continue the insurance for the reduced amount till the amount of premium paid and secondly he can pay Can get back the premium amount.
   9. Jeevan Sneh Bima Patra – This is a money bank insurance policy specially designed for women. Its purpose is to encourage the habit of saving in women and to arrange money for family needs like education, marriage, illness. This insurance policy is issued for a period of 20 years. Any woman in the age group of 18 years to 50 years can buy it but the age at maturity of the insured should not exceed 70 years. This insurance policy can be taken up to Rs.5 lakh in multiples of Rs.25 thousand or 50 thousand and thereafter Rs.50,000. In this, 20 percent of the sum insured is returned to the insured woman on completion of every 5 years (5th, 10th and 15th year) and the remaining 40 percent of the sum insured is paid with assured benefits and loyalty additions. This is done at the end of the term of insurance or at the end of the 20th year. If the insured woman dies during the term insured, the entire sum assured along with benefits is paid to her successor/nominee. Irrespective of what has been paid to the self insured woman earlier.
   10. Jeevan Sanchay Bima Patra – This is also a money back insurance, it is issued for a period of 12, 15, 20 and 25 years, any person in the age group of 14 to 58 years, it can be taken from the said insurance period according to his convenience. The policy can be purchased by choosing the term of insurance, but the age of the insured should not exceed 70 years on the date of maturity of the policy. Minimum Sum Assured is Rs 25000. Guaranteed additional benefit is paid at the rate of Rs 70 per thousand on this insurance policy and loyalty additions are also paid after paying the premium for five years. A certain percentage of the sum insured is paid to the insured after a certain period of time according to the term of the insured. If the term of the insured is 12 years, then 20 percent of the sum insured on completion of the first four years, 20 percent of the sum insured on the completion of the next tax year and the remaining 60 percent of the sum insured after the completion of the remaining four years (total 12 years) dividend payable including payment.In the case of an insurance policy for a period of 15 years, 25% is paid on the first five years, 25% for the next five years, and the remaining 50% on the completion of 15 years, along with the due benefits. In the case of a policy of 20 years, 20 percent of the sum insured is paid on completion of every five years and remaining 40 percent on completion of 20th year along with due bonus and profit. On purchase of an insurance policy for a period of 25 years, 15 percent of the insured is paid on the completion of every five years and on the maturity of the policy, the remaining 40 percent of the sum insured along with bonus and profit is paid. If the insured dies during the term of insurance, his heir/nominee is paid the entire sum insured along with due bonus and other benefits, irrespective of what may have been paid earlier to the insured under the insured. Already happened .
   11. New Jan Raksha Life Assurance – This life insurance policy has been introduced in place of the original Jan Raksha Life Insurance Policy. It has been developed with the aim of getting protection from the unstable economic condition of the country, uncertain monsoon, natural and divine calamities. The term of this policy is 12 to 30 years. Anyone in the age group of 18 to 50 years can buy it. But the maximum age on maturity of the policy can be 70 years. This insured is Rs. 50000 without medical examination. 100000 under the special scheme without medical examination up to Rs. Up to and maximum Rs.750000 under medical scheme. Can be purchased up to Rs. If the Life Assured survives the maturity period, the Sum Assured will be paid out along with the accrued bonus. If the insured dies during the term of insurance, the sum assured along with the amount of bonus accrued is paid to his successor/nominee. The benefit of accident insurance can also be availed under this insured by paying additional premium amount.
   12. New Insurance Investment Insurance Policy – This is a short term single premium life insurance plan. This insured provides the benefits of security and investment as well as the benefit of liquidity to the insured. Anyone in the age group of 18 to 70 years can buy it, but the maturity age cannot exceed 75 years. The term of the insured is 5 or 10 years. Sum Assured Minimum amount Rs.25000. and maximum Rs.500000. The amount of the insured may be Rs 5000. May be in multiples of . On survival of the insured till the date of maturity, he will be paid the Sum Assured with a guaranteed increase (which is given at the rate of Rs.60 per thousand on a five-year term insurance policy and Rs.65 per thousand on a 10-year insured) and loyalty addition. She goes . In case of death of the insured during the period of life assured, his/her nominees/heirs are paid the Sum Assured and the Guaranteed Addition and Fidelity Enhancement accrued thereon.
   13. Jeevan Vishwas Yojana – This insurance policy has been started with the objective of providing financial security to the insured as well as the disabled dependent on him. People in the age group of 20 to 65 years can buy it. The term of insurance can be from 10 to 40 years and the premium paying period can be from 10 to 25 years. Sum Assured Minimum Rs. 50000. Maybe 25000 which can be Rs. can be increased in multiples of . If the insured survives the entire term of life, he will get the Sum Assured, accrued Guaranteed Growth, which is Rs.60. per thousand per annum and is paid loyalty increments. If the insured dies during the term of insurance, the sum assured, accrued guaranteed growth and loyalty additions, if any, are paid to his nominee. 20 percent of the amount payable under the insured is paid as a lump sum amount and the remaining 60 percent is used to provide regular income to the disabled dependent. On the first death of the dependent, the insured gets two options under the insured, he can either surrender the insured or continue the insured.
   14. Nav Prabhat’ life insurance policy – This insurance policy issued by he Life Insurance Corporation of India protects senior citizens and their interests. This policy is for citizens in the age group of 50 to 70 years, but the age of the insured should not exceed 75 years at maturity. The insurance policy can be purchased for a minimum period of 5 years. Sum Assured Minimum Rs.50000 and Maximum Rs.20 lakhs in its multiples. It is possible . On maturity of the insured, the sum assured and loyalty benefits, if any, are paid to the insured. If Z dies before the completion of the term of insurance, the sum insured and loyalty benefits are paid to his nominated heirs. The benefit of accident insurance can also be availed on this insured by paying additional premium.
   15. life hope Insured – Jeevan Asha insured was issued for a few months only. Now in its place this new insurance policy has been issued in the name of Jeevan Asha. This insurance cover is for persons in the age group of 18 to 50 years. But the maximum age on maturity of the insurance can be 65 years. The insurance cover can be 15, 20 and 25 years. Sum Assured Minimum Rs. 50000. and maximum Rs.300000. It is possible . 70 on this insurance cover. Guaranteed increment @ per thousand per annum and payment of loyalty addition (if any) is payable after payment of premium for five years. In case of death of the insured before maturity or maturity of the insured, the sum assured and loyalty addition (if any) is payable. Two times or triple the accident benefit can be availed by paying additional premium.
   16. Jeevan Anand Insured – This is a non-profit insurance policy, it is a mixed form of life and endowment insurance. Under this policy, a pre-determined sum of sum and bonus is paid in case the premium is paid for a specified period. Thereafter, the sum insured is paid even in the event of death. Individuals in the age group of 18 to 65 years can buy this insurance. But the age at maturity should not exceed 75 years. The premium paying term can be from 5 years to years. On maturity of the insured, the sum insured and the bonus payable is paid to the insured. If the insured dies before the date of maturity, his nominee/heir is paid Sum Assured and Bonus payable. Under the policy, during the premium payment period and thereafter till the age of 70 years, an accidental benefit amount equal to a maximum of Rs.5 lakh goes towards direction.

Insurers have developed so many different types of insurance policies and insurance plans. The dilemma arises in front of the person thinking of getting insurance that which insurance policy or plan should he choose? Which would be the best insurance cover or plan for him? Which insured will be helpful in fulfilling his needs? The answers to these questions are not so simple. In fact, there is no such cover which is best for all persons or is capable of fulfilling all their needs. Hence, the selection of the right insurance cover/scheme becomes a difficult question. The following points should be kept in mind before deciding which insurance cover would be best for a particular person.

1. Requirement of insurance policy – Before purchasing an insurance policy, it is necessary to consider that for what purpose and for what purpose the insured is to be purchased and before taking the final decision about the insurance policy, it should be ensured that The insurance policy/scheme to be purchased is capable of fulfilling that need and purpose.
2. Ability to pay premium – It should be seen that the insured is being purchased. The insured will be able to pay the premium for the entire insurance term. It is often seen that people buy an insurance paper but after some time stop paying its premium, due to which it becomes lapsed.
3. Continuity of Income – It is also necessary to see whether the person insured gets income from a certain source or he gets income intermittently or he has got money together in the way in which income is received. Accordingly, the insurance policy should be purchased.
4. Period of payment of insurance premium – It should also be seen that for how long the insurance policy to be purchased will remain the liability to pay the premium. One should choose such an insurance policy on which premium has to be paid only for the period of continuity of income.
5. Size of the family – Such an insurance policy should be selected which is capable of providing insurance cover to most of the family members.
6. Age of the Offerer – Different insureds have been developed for different age groups and the age at maturity is also different. Therefore, such an insurance policy should be selected which fulfills this criterion.
7. Money Payable on Maturity – There is a provision for payment of Sum Assured on maturity to different persons in different insured papers. Accordingly, the insurance policy should be selected keeping in mind the requirement.
8. Apart from the above mentioned key points, some points should be considered while buying the insurance policy. These points are as follows:
   1. the standard of living of the family,
   2. the capacity of the dependents
   3. the rate of inflation,
   4. the rate of savings,
   5. the personal disposable income
   6. the financial obligations of the proposer. nature of,
   7. medical history of the proposer and
   8. nature of the proposer, etc. The above mentioned elements will help the proposer to choose the right insurance policy.