Life Insurance Products are the outcome of hazards of life, which are as under : -
1. Pre-mature Death
2. Disability
3. Old Age
Keeping in view of above hazards of life, Life Insurance Companies came out with such products, which covers risk in lieu of the premium amount, which is being given to the Insurer. Life insurance products are usually referred to as 'plans' of insurance। These plans have two basic elements. One is the 'Death cover' providing for the benefit being paid on the death of the insured person within a specified period. The other is the 'Survival Benefit', providing for the benefit being paid on survival of a specified period. The products are as under : -
(a) Term Assurance Policy
(b) Pure Endowment Policy
(c) Whole Life Assurance Policy
(d) Endowment Assurance Policy
(e) Annuity
The above products cover all the three hazards of life i.e. Pre-mature death, Disability and Old Age.
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