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Whole Whole Life Policy:

It is the cheapest arrangement to provide for the family against premature death of the bread winner

Endowment Policy:

These policies can be taken out for any sum being a multiple of Rs. 100/- payable at the expiry of the specified term of 5,10,15,20,25,30,35, 40,45,50,55,60,65,70 years or at death which ever is earlier.

Joint Life Endowment Policy:

These policies can be purchased for any sum being multiple of Rs. 100/- payable at the expiry of the special term of 10,15,20,25,30 or 35 years or at earlier death of either of the two insured persons. In this form of policy, only one pays (premia) but enjoy both.

Three Payment Plan Policy:

These policies can be taken out for any sum being a multiple of Rs. 100/- for the fixed term of 12,15,18,21,24,27,30 years. The benefits of these policies are that 25 percent of the sum assured is payable to the policyholder at the end of first term, another 25 percent at the end of the second term, while the remaining 50 percent along with accrued bonuses is payable at the end of the third and the final term. In case of death of the policyholder within the term of the policy, the total sum assured with full bonuses is payable to the bona fide claimant irrespective of the payments already made to the policyholder during his lifetime.

Educational and Marriage Endowment Assurance:

These policies are issued for period ranging from 5 to 17 years. The period of endowment can be so timed as to make the policy money available to the insured on or about the date by which the beneficiary child is old enough to require the amount. In the event of death of the parent before the specified date, the policy becomes a claim and the full amount is deposited in Post Office Savings Banks in the name of the nominated child and is paid with accruing profits on the specified date.

Child Protection Policy:

These policies are issued jointly on the lives of the child and the father or mother. No other relative is allowed to be associated with the policy. It is issued when the age of the child is between 1 to 17 years and payable upto the age of 25 years.

Accidental Death and Permanent Disability Benefit Contract:

These contracts are executed in combination with whole life or endowment assurance policies of not less than Rs. 5,000/-. This provides additional payment benefit in case of death of the insured due to accident, as well in the event of losing one or two of his hand or eyes also due to accident. This supplementary contract ceases to be operative on maturity of the principal policy in the natural course. An additional premium of Rs. 3.00 and Rs. 6.00 per thousand per annum is required to be paid by the insured to cover death or permanent disability respectively.

Non Medical Policies up to Rs. 2,00,000/-:

Any person who is not less than 21 years and over 45 years of age can take out a non-medical endowment or life policy up to a maximum sum assured of Rs. 2,00,000/-.

Group Insurance :

Under the Group Insurance Scheme an entire group (as for example all employees of a particular department or Government, commercial or industrial undertaking or a particular class of such employees) will be provided life insurance coverage under one contract or policy. The coverage extends to death resulting from any cause so long as the individual remains in the group and may also include disability if so stipulated in the policy document.

Premium for the entire group will be paid collectively by the department or the undertaking and each individual member of the group will be insured for the sum specified in the contract so long as he remains in the group.


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