Broadly speaking insurance policies are of two types - life insurance and general insurance.
Life insurance policy pays out a sum of money either on the death of the insured person or after a set period in lieu of the premiums paid by the policyholder. The beneficiary could be the nominees or the policyholder him/herself depending on the various conditions.
There are 5 types of life insurance:
• Whole life policy
• Term life policy
• Endowment plan
• Unit-linked insurance plans
• Money-back policy
Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”