Life insurance policy provides you assurance that your family will get financial security and support even when you are not around. This is the best way where the insured person can save his family from financial crisis at the time of any mishapps or after death.With a population of over one Billion, only 35 million people in India are covered with life insurance. There are so many reasons behind this low penetration of life insurance. Undoubtedly, ignorance about insurance, lack of knowledge about facilities and cost efficiency of insurance - are some of the reasons.

Not many today know that life Insurance premium over the past few years has been revised by quite a few insurers. This has not only reflected in the amount of increased allocation per life insurance premium but also the returns that guaranteed returns that a policyholder gets on his life insurance premiums.
Life Insurance Basics

Life insurance is an agreement between two parties i.e. insured and insurer where in insurer agrees to indemnify insured in event of any contingency leading to death and injuries.
Types of Life Insurance

There are various types of life insurance available to an individual depending upon the sole motive of insurance in order to meet contingencies. Below are types of life insurance options available to an individual: 
• Term Life Insurance: 
Term life insurance plans provide insurance to an individual for a fixed tenure. It is the pure and cheapest form of life insurance for an individual. This type of policy is suitable for people who are unable to pay high insurance in order to buy endowment policies. 
• Whole Life insurance: 
Whole life policies are totally opposite to term life plans. A whole life insurance policy covers risk to an individual for their whole life and generally no pay backs are provided under these types of policies.
• Endowment Life Insurance policy: 
Endowment life insurance policies are referred as traditional policies as well. Endowment policies covers risk to an individual for a specific period of time as per the opted policy and it also pay backs sum assured and promised bonuses at time of maturity as well.
• Money Back Insurance policy: 
Money back insurance policy is a type of life insurance under which money is paid to an individual at different stages of life yet covering their risk for a specific period of time.
• Unit Linked Insurance Plans: 
Unit linked insurance plans are the modern form of insurance. In addition to insurance cover provided by the provider, money is also invested in various avenues therefore providing opportunity to derive good returns as well. So, it serves as an insurance policy and investment plan.
• Retirement Plans: 
These policies are specially meant to provide steady income to an individual after their retirement. These kinds of policies enable a person to be independent maintaining good lifestyle.
• Savings and investment plans: 
These plans help you to save money and also provide you investment opportunity to grow your money.
• Child Insurance policy: 
These types of policies are meant especially for children. The basic motive of these policies is to provide financial assistance to a child at various stages of their education and thus making their bright future. 
Term Life Insurance Protection Plan