Various types of insurance exist by virtue of practice of insurance companies and the influence of legal enactments controlling the insurance business. Broadly speaking insurance may be classified as
1. Life insurance: This insurance provides protection to the family at the premature death or gives adequate amount at old age when earning capacities are reduced. This insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the time of death or at the expiry of a certain period.
Life insurance offers different types of policies such as Whole Life Policy, Endowment Life Assurance, Policy, Joint Life Policy, Annuity Policy, Children’s endowment Policy suitable according to the needs of the person.
