Life insurance is an essential part of financial planning that provides financial protection for loved ones in the event of an individual’s death. However, not all life insurance policies are created equally. In India, there are several types of life insurance policies, each with its own unique features and benefits. In this article, we shall explain the different types of life insurance policies available in India and help you understand which one may be right for you.
Mainly there are two broad type on insurance – Participating and Non Participating. In participating, risk of investment and return is with the Insurer but in Non – Participating like ULIP, risk of investment and return is born by the Investor or Policy Holder. Participating plan offers Bonus on the basis of performance of Insurance Company.
The first type of life insurance policy in pakistan is term life insurance. This is called Pure Insurance .This provides money on death only and no money on survival. It should be an integral part of financial planning. Term Insurance is also taken when one take a loan.
If you were mis-sold an insurance policy, then immediately contact your insurance company and inform them about the mis-selling. If you need help, you can contact
We provided guidance on how to approach the insurance company and helped Sapna to escalate the case to the Ombudsman. We were pleased to resolve the case within eight months, and Sapna was able to reclaim her funds.Later, she received a call for renewal (premium) which made her realize that an endowment policy has been mis-sold to her. She was required to pay premium for 10 years. She was helpless as she has no source of income and the money she had, was wrongly invested in an insurance policy that she never needed.
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