The money-back policy from Life Insurance Corporation in India is a popular insurance policy.

It provides life coverage during the term of the policy and the maturity benefits are paid in
installments by way of survival benefits in every 5 years. The plan is available with 20 years and
25 years term. In the event of death within the policy term, the death claim is made up of full
sum assured without deducting any of the survival benefit amounts already paid. The bonus is
also calculated on the full sum assured.The premium paid is tax-deductibleunder section 80C
of Income Tax Act 1961.

An endowment policy is a life insurance contract designed to pay a lump sum after a specific
term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a
certain age limit. Some policies also pay out in the case of critical illness.

Contents

 1Traditional with profits endowments

 2Unit-linked endowment
 3Full endowments
 4Low cost endowment (LCE)
 5Traded endowments
 6Modified endowments (U.S.)
 Term insurance plans are basically protection plans. They are particularly designed to
protect your family against unforeseen circumstances. These are three types of term
insurance plans available in India which include - increasing benefit, level benefit and
decreasing benefit. A term insurance plans is a must for the bread winner of a family and
for those whose health is not in a good condition.
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