A wide range of insurance products are available in the market. Each insurance product is different from the others having some unique attributes which are devised to meet specific needs of different individuals. However, with such a wide range of products available, it becomes very difficult for an individual to choose an insurance plan that is best suited to meet his requirements. Based on the financial plans and needs and one's affordability to pay premium, an individual can choose any of the plans available in the market. Some of those plans are listed in the table below -

ULIP -
Need / Purpose: Savings & capital appreciation, Protection (Risk cover).
Best Suited for: Moderate to high income, Have dependents.
Term policy -
Need / Purpose: Security to dependents, Risk cover
Best Suited for: Young individuals, Low income, Have dependents
Children plans -
Need / Purpose: Child's future studies, Child's marriage
Best Suited for: Couples having small kids
Pension plans -
Need / Purpose: Retirement Benefits, Risk cover
Best Suited for: Persons aged above 40 , Persons not having a pension provision from their employer.
Money back policy -

Need / Purpose: Risk cover, Periodic payments
Best Suited for: Persons having recurring financial requirements, Low to moderate income
Endowment Plans -
Need / Purpose: Risk cover, Savings
Best Suited for: Requirement of fixed sum after lapse of certain period

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