1. Term Insurance Plan

• Pure life cover — pays sum assured on death only

• No maturity benefit

• Most affordable type of insurance

• Example: LIC Tech Term, HDFC Click 2 Protect Life

Best for: Income replacement and large coverage at low premiums

2. Whole Life Insurance Plan

• Covers you for your entire life (often up to age 99 or 100)

• Includes a savings or investment component

• Pays out on death or reaching maximum age

Best for: Long-term financial security and wealth transfer

3. Endowment Plan

• Combines insurance + savings

• Pays a lump sum on maturity or death (whichever is earlier)

• Participating endowments may offer bonuses

Best for: Conservative investors who want savings + insurance

4. Money-Back Plan

• Similar to endowment, but pays regular survival benefits during the policy term

• Balance + bonuses (if any) paid on maturity or death

Best for: People wanting periodic payouts for goals like children’s fees

5. Unit Linked Insurance Plan (ULIP)

• Insurance + market-linked investment

• Premium is split between life cover and equity/debt fund investment

• High risk, high return

Best for: Investors looking for market exposure + insurance

6. Child Plans

• Designed to build a corpus for child’s future (education/marriage)

• Payouts at important milestones

• Often include waiver of premium in case of parent’s death

Best for: Parents planning for child’s future needs

7. Pension/Retirement Plans

• Helps build a retirement corpus

• Can opt for annuity or lump sum on maturity

• Life cover included in deferred plans

Best for: Retirement income planning

Would you like a comparison chart or recommendation based on your needs (like age, income, financial goals)?