Interview Question for Ct5 – 2
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Rishabh Surana
Q. What are the different types of life insurance products/contracts? Ans: Life Insurance contracts are mainly divided into two categories:
Assurance contracts-
Whole life assurance: The sum assured is payable on the policyholder’s death.
Term assurance: The sum assured is payable on policyholder’s death only if death occurs during a specified period. No maturity benefit is provided.
Endowment assurance: The sum assured is payable either on death during the term or on survival to the end of the term. Hence the sum assured is certain to be paid either the life survives or it dies during the term of the policy.
Pure endowment: Pure endowment is a special case of endowment assurance where the benefit is payable only if the life survives to the term of the policy.
Annuity contracts-
Whole life annuity: The payments are made for the whole of life i.e. until the policyholder dies.
Temporary annuity: The payments are made only during a limited time period.
Guaranteed annuity: The payments are made for the whole of life or for a specified term if longer, hence the name guaranteed annuity!
Under each of the following cases, if the start of the payment is deferred for a given term, the annuity is called deferred annuity-like- Deferred whole life, deferred temporary, deferred guaranteed annuity.
Also read : Pet Insurance
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