There are five unique types of life insurance plans:
Term Life Insurance: Pure life insurance plan, offers large sum assured for the nominal premium amount, does not have maturity value.
Endowment Plans: This life insurance plan offers a lump sum amount at the end of the chosen tenure. It also provides life cover till the maturity of the plan.
Money Back Plans: This life insurance plan provide pay-outs at regular intervals (usually 5 to 10 years). These pay-outs are generally percentage of Sum Assured under the plan.
Unit Linked Investment Plans: Life insurance plan which offers market linked returns and tax savings.
Annuity/Pension Plans: Perfect for retirement solutions, it will help you to get regular income post retirement. These plans are of two types – deferred and immediate. In deferred annuity plan, you start receiving regular income after few years which is called as deferment period. However in immediate annuity plans you start receiving regular income immediately after the purchase of the plan.