What is Insurance
It is a kind of life insurance policy that falls into the entire protection category. It offers pure protection. Basically, it covers the danger of dying. In this plan, the sum assured amount that your insurer promises to pay would be provided to the beneficiary as stated in the policy document in the event of insured’s death. In the event if that you survive in the policy term periods, you then can get nothing or can get your plans back which is basically varies from insurer to insurer. Also if you are preparing to buy pure life risk cover, then term insurance is the best type of life insurance policies.
Whole Life insurance
Remaining plans which come under life insurance such as endowment plan, money-back plans, ULIP, etc. provides coverage to the insured for a particular age-majorly 60 to 75 years, whereas a very existence plan provides coverage for your life. In this plan, basically the insured is given a choice to pay for reduced amount till the specified time which will be also known as maturity period. And if the insured person reaches the maturity period, he/she has a choice to keep exactly the same till death without paying any extra premium.