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There are basically 3 types of life insurance policies in India :-
1) Endowment.
2) Term Assurance.
3) Unit Linked.
In Endowment or conventional policies, you are to pay premium for a specific period and get lumpsum on maturity.The deaith benefits are also included here.
In Term Assurance Policies, payments are made to the nominee only in case of any eventuality of the policy holder, with no maturity benefit therein.
In Unit Linked policies, moneys are utilized in stock markets and the payments are linked with market volatilities.The Private Insurance Cos. basically do business on these policies.
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