All Life Insurance Plans

What risks are addressed by these Basic Insurance Plans?

• Loss of income to a family due to death of the bread winner

• Premium Payment

• Sum Assured is payable either on Death or Maturity, whichever is earlier

• Financial loss (loss of income to self) due to occurrence of certain event while living

What is the construct of Most Life Insurance Plans?

• Sum Assured paid, if the Life Assured survives, Maturity Benefit – Death Benefit –Maturity Benefit – Death Benefit – Maturity Benefit – Death Benefit

• Death Term Plan, Pure Endowment Plan and Most Life Insurance Plans

• Policy Starts, Premium Payment, Sum Assured Paid to Nominee, Policy Terminates and Policy Term Ends

• Protection Plans (Term and Health) ,Savings Plans, Participating Plans, ‘Par Plans’, Non- Participating ‘Non-Par Plans’, Unit Linked Insurance Plans (ULIP) and Traditional Plans

How are Life Insurance Plans classified?

• Policy Starts, Premium Payment, Sum Assured Paid to Nominee, Policy Terminates and Policy Term Ends

• Death Term Plan, Pure Endowment Plan and Most Life Insurance Plans

• Protection Plans (Term and Health), Savings Plans, Participating Plans, ‘Par Plans’, Non- Participating ‘Non-Par Plans’, Unit Linked Insurance Plans (ULIP) and Traditional Plans

• Sum Assured paid, if the Life Assured survives, Maturity Benefit – Death Benefit –Maturity Benefit – Death Benefit – Maturity Benefit – Death Benefit

This is how a Term Assurance Plan works. What is the difference between Maturity Benefit and Death Benefit?

• Maturity Benefit: Sum Assured is payable, policy terminates. Death Benefit: Sum Assured is payable, policy terminates.

• Maturity Benefit:At maturity, nothing becomes payable. The policy terminates. Death Benefit: On death, nothing is payable. The policy terminates.

• Maturity Benefit: Sum Assured is payable, policy terminates. Death Benefit:On death, nothing is payable. The policy terminates.

• Maturity Benefit:At maturity, nothing becomes payable. The policy terminates. Death Benefit: Sum Assured is payable, policy terminates.

What type of plan is a PURE TERM PLAN?

• Savings Plan

• Non- Participating Plan

• Protection Plan

• Participating Plan

What type of plan is a PURE ENDOWMENT PLAN?

• Savings Plan

• Protection Plan

• Unit Linked Insurance Plan

• Participating Plan

What type of plan is a NON- PARTICIPATING 'NON-PAR' PLAN?

• Unit Linked Insurance Plan

• Protection Plan

• Traditional Plan

• Savings Plan

This is how a Pure Endowment Plan works. What is the difference between Maturity Benefit and Death Benefit?

• Maturity Benefit: Sum Assured is payable, policy terminates. Death Benefit: Sum Assured is payable, policy terminates.

• Maturity Benefit:At maturity, nothing becomes payable. The policy terminates. Death Benefit: Sum Assured is payable, policy terminates.

• Maturity Benefit:At maturity, Sum Assured is payable. The policy terminates. Death Benefit: On death, nothing is payable. The policy terminates.

• Maturity Benefit: Sum Assured is payable, policy terminates. Death Benefit:On death, nothing is payable. The policy terminates.

Which of the following does not qualify as a part of a Life Insurance Plan?

• Premium Payment

• Policy Starts

• Investment

• Sum Assured

What type of plan offers a guaranteed return of the Premiums plus accumulated interest?

• Participating Plans

• Unit Linked Insurance Plans

• Protection Plans

• Savings Plans