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Life insurance is something you do to protect those you love so they don’t suffer financially if your income is no longer there. Life insurance may help lighten the financial burden.In case something unfortunate happens to the insured, the life insurance will provide money directly to the beneficiaries.

CLASSIFICATION OF LIFE INSURANCE

Life Insurance Classifications are based on the following criteria :

  • According to number of lives covered
    • Term Insurance
    • Convert able Term Insurance
    • Decreasing Term Insurance
    • Pure Endowment Assurance
    • Whole Life Assurance
    • Endowment Assurance
    • Guaranteed Bonus Policy
    • Triple Benefit Policy
    • Option Assurance
    • Anticipated Endowment Assurance
    • Credit Life Insurance
    • Pension Assurance
    • Debenture or Guaranteed Income Policy
  • According to Method of payment of premium
    • Single Premium Policy
    • Level Premium Policy
  • According to Method of payment of policy amount
    • Lump-Sum Policy
    • Installment or Annuity Policies
  • According to participation of profit
    • With Profit or Participating profit policy
    • Without Profit or Non-Participating profit policy
  • According to Non-Conventional policies
    • Industrial Life Assurance
    • Savings Bank Life Assurance
    • Group Insurance
      • Mutual Fund Life Assurance
      • Group Term Insurance
      • Group Endowment Insurance
      • Group Variable Insurance
      • Group Annuity /Pension Insurance

Life insurance of more than one person

  • Joint Whole Life Assurance
  • Joint Endowment Assurance
  • Last Survivor Assurance
  • Joint Term Assurance
  • Contingent or Survivor-ship Assurance
  • Children Endowment Assurance
  • Child Protection Policy
  • Children Deferred Assurance

Supplementary Life Assurance Contract

  • Family Income Assurance
  • Accidental Death and Disability Insurance
  • Specialized Disease and Accident Insurance
  • Hospitalization and Medical Expense Insurance

Life assurance v life insurance

The slight difference in the naming of life insurance and life assurance may suggest that it’s simply a matter of preference in wording. Although many people use the two terms interchangeably to mean the same thing, there is one small but key difference between life insurance and life assurance.
In reality, life insurance should really only be related to an insurance policy set against a fixed period of time.
Life assurance, on the other hand, is not exactly the same. Death is assured in any life, so the policy is designed to provide insured family or next of kin with a lump sum to help meet their financial needs after insured die, and this policy is guaranteed for life, for as long as insured live (and continue to pay the premiums).

Life insurance can be the only thing that stands between our loved ones and financial hardship.

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