What are the different types of life insurance? Please provide a chart representing the same.

Dear Student,

Life insurance is a contract where insurer undertakes to pay certain some of money to insured in consideration of premium, at death of insured or at end or specified period whichever is earlier.

Different types of life insurance policies are:- 
 

TYPES OF LIFE INSURANCE POLICIES

Whole Life Policy	In this type of policy the premium is paid throughout the life of the insured. The validity  of policy is not defined.
Joint Life Policy	This policy is taken for lives of  2 or more individuals. The policy amount is repayable on death of any one of the policyholders. For example- JLP can be taken by husband and wife.
Group Insurance Policy	This policy is taken for a group of individuals. In this premium per person is quite low. For example- policy taken by employer for its employees.
Endowment Policy	In this policy the policyholder gets the certain sum at expiry of policy period or death and after that he/she gets added benefits as bonus, profit etc
Term Insurance	This plan is basically to serve immediate needs of policyholder. Here insured gets only tax benefit at maturity of plan, however if insured died before maturity of policy a lumpsum amount is payable to his/her beneficiary.
Unit Linked Insurance Policy	This policy serves dual role. Here policyholder enjoys benefit of insurance as well as investment as one part of premium goes towards insurance cover, other part is invested in securities.
Money back policy	In this certain sum is payable to policyholder at specified intervals throughout the duration of policy. In case of death of insured, sum assured is paid to beneficiary.

Regards.