Child plans are insurance cum investment plans that help an individual create a corpus for children's future, over a period of time (policy term). On maturity, these plans pay a lump sum amount which can be used to pay your child's college fees or marriage expenses.

An annuity plan is a financial product that provides you guaranteed regular payments for the rest of your life after making a lump sum investment. The life insurance company invests your money and pays back the returns generated from it. You could think of it as a pension payment that is made to you.

The full form of ULIP is Unit Linked Insurance Plan. A ULIP is an insurance plan that offers the dual benefit of investment to fulfill your long-term goals, and a life cover to financially protect your family in case of an unfortunate event. The premium paid towards a ULIP is divided into two parts. A part of it is contributed to your life cover, and the remaining is invested in the fund of your choice.

An endowment plan is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Endowment policy also pays out in the case of critical illness. Endowment policy are typically traditional with-profits or unit-linked including those with unitized with-profits funds the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it.

Money back plan, the insured person gets a percentage of sums assured at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity.

Guaranteed Returns Plans are non-participating monthly income schemes provided by financial institutions. In these plans, the policyholder will pay a yearly premium for the plan's tenure. The insurer will decide the tenure as per their age and financial situation.

Whole Life plan is also called as straight life, ordinary life. It remains throughout the insured whole lifetime provided the premiums are paid. A certain aforementioned amount is paid to the nominee in the event the insured dies. The policyholder at any time withdraws the policy or borrows against it. The maturity age for this policy is 100 years. If the insured lives past the maturity age, the policy will become matured endowment. The death benefit under this plan is tax free.

Single-premium life (SPL) is insurance in which a policyholder pays a lump sum of money upfront in exchange for a guaranteed death benefit. The policy requires that the holder has access to a large sum of money up front, meaning it's not financially feasible for many individuals.