Conventional Plans include Term Assurance Plans, Pure
Endowment Plans. Endowment Plans, Money Back or Cash Back Plans, Marriage and
Educational Plans etc. They provide risk cover and offer in most cases survival
/ maturity benefits. There are Term assurance plans where premium is not
returned on maturity. There are TA Plans with provision for return of premiums
on maturity; in other words it appears that you get a maturity benefit (in the
form of return of premium). There are with-profit plans as well as
without-profit plans. In some conventional plans periodic benefit payments are
made to the customer in the form of survival benefits, for e.g. at the end of
five years, ten years since date of commencement. They are described as
money-back or cash-back plans. In some of the conventional plans policyholders
can avail loan from within the surrender value of the policy. We shall see
later some conventional plans in detail.
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