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Explain different types of insurance plans.

There are mainly 3 different types of life insurance plans offered by all insurance companies.
  1. Term Insurance Plan
  2. Unit Linked Insurance Plan (ULIP)
  3. Endowment Insurance Plan
Term Insurance Plan
Term plans are low-cost insurance plans giving your family a substantial sum in case of your death or disability, the Term Insurance premiums are very low.

ULIP (Unit Linked Insurance Plan)
In Unit Linked Insurance Plan, also commonly know as ULIP, a part of your insurance premium is been invested in equity or non-equity funds on your choice, so your money can grow over a period of time.
In Unit Linked Insurance you can even change your fund plan several times during the term, while you also get the death and disability benefits offered by regular Term Insurance Plan.

Endowment Plan
In Endowment Insurance Plan, unlike ULIP, one cannot choose where the premium is to be invested, the company does that for the policy holder. But the company usually pays the bonuses, based on the fund performance, which are declared from time to time. While, like ULIP, you get both returns and protection at the same time.


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