And there are many companies that offer life insurance, but there are many things that the agent of the company does not tell and later if the insurance money is to be raised then it creates a lot of problems, so think carefully to get life insurance from a good company Like we told that there are many types of life insurance such as money back policy and ULIP or endowment plan. There is a difference in all these and the agent offers you the same plan in which he gets more commissions, so you should read all the plans yourself. And only then select a plan, today I am here tell you the difference between money back policy and ULIP or endowment plan and will tell you that which policy is best for you.
1.Term insurance
There is a lack of awareness about term insurance and people are aware that term insurance is a policy that provides life cover for a period of time at a lower premium if the insured dies during that time. A nominee who is a nominee of his family is given the sum assured and if nothing happens to the insured during the cover period, nothing will be received, but let me tell you, earlier it used to be that in the market today such term plan company is giving Those in which the premium is slightly higher but nothing happened to you during the cover period, then the company will return the amount of the total premium taken from you and these plans are termed as Term Insurance Plan with Return of Premium (TROP).
2.Endowment plans
Endowment plans are the best plan of life insurance as it offers two benefits in it, along with life insurance, it also has investment and inside it returns around 4% per annum and will get a lump sum after the fixed time period. It is fixed at the time of taking and one particular thing is that the amount of insurance is given and the premium is more within this plan, so if you want that you also need an investment with insurance and after a time, then it is the best plan.
3.Unit Linked Insurance Plan (ULIP)
Insurance is also available along with insurance within this plan, some part of the premium of this plan goes to life insurance and the remaining part is invested in the stock market, within this plan, you can invest in both equity and debt. But ULIPs do not make any bonus or any other participation in the benefits like the endowment plan and the premium can be paid in any way month or year and after the lock-in period of 5 years, the partial amount can be withdrawn.
4.Money back policy
Within the Money Back Policy, a certain amount is received after a certain time and on the death of the policy holder, the full sum assured is paid to the nominee with lifetime benefits and returns of close to 4% per annum for Indian customers. Between this scheme is very well liked because there is not much risk in it and you are paying installments continuously, then you will keep getting returns at regular intervals till 5th, 10th and 15th, 20th year. It is an insurance policy that guarantees returns.
Term Policy and ULIP or Endowment Plan Estimated Premium
| Policy type | Annual premium | Monthly Premium | Term | PAYOUT |
| Endowment plans | 1,80,000 | 15,000 | 40 YEARS | 1 crore |
| Term plans | 10,800 | 900 | 40 YEARS | 1 crore |
| ULIP | 3,60,000 | 30,000 | 30 YEARS | 1.5 Crore |
Best Life Insurance Company
There are a total of 24 life insurance companies in India. Out of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All other insurance companies are many of these between public / private sector banks and national / international insurance-financial companies have joint ventures.
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