Life insurance in India has expanded far beyond pure protection, offering a suite of plans tailored to diverse financial needs—from family security to long-term wealth creation, retirement income, and child-focused savings. Here are 7 insurance plans which offers varieties of options to insurance seekers. Term planWhile the term plan remains the most basic option, providing a death benefit without any return on survival, several variants now combine risk cover with savings or investment benefits. These plans include term with return of premium, whole-life policies, traditional endowment and moneyback plans, unit-linked insurance plans (Ulips), retirement-oriented annuities, and child-specific plans, according to an ET report.Standard term planIn a standard term plan, policyholders pay premiums for a set period, and the insurer disburses a fixed sum to beneficiaries upon the policyholder’s death. No pay-out is made if the person survives the term. To address that limitation, term plans with return of premium were introduced—offering a full refund of premiums if the policyholder survives, and a death benefit otherwise.Whole-life policies Whole-life policies extend cover up to age 99 or 100, combining protection with a savings component. These allow the policyholder to access a growing corpus over time or take loans against it.Traditional plans Traditional plans include endowment and moneyback options. These offer maturity benefits and guaranteed returns, with endowments providing a lump sum on maturity, while moneyback plans release funds at regular intervals throughout the policy term.UlipsUlips, on the other hand, allow market-linked growth by investing a portion of the premium in equity and debt. These come with a five-year lock-in period and carry both death and maturity benefits.Annuity plansFor retirement planning, annuity or pension plans offer life cover while saving for post-retirement income. At maturity, the policyholder may receive a lump sum, opt for regular annuity payouts, or a combination of both.Child plansChild plans combine life cover for the parent with a savings vehicle for the child’s future education or wedding. If the parent dies during the term, the death benefit is paid immediately, and the savings corpus continues to grow for the child’s use at a pre-defined age or milestone.
