A whole life policy is a good plan for one who is the main income earner of the family and wishes to protect the loved ones from any financial insecurity in case of premature death
After the insurance company takes the amount of money it needs from the premium, to meet the cost of term insurance, the balance money is invested on behalf of the policyholder. This is called cash-value in Whole Life Insurance.
Endowment Assurance: Combination of 2 plans: (1) A term assurance which pays the Sum Assured in case of death during the term (2) A pure endowment plan which pays this amount if the insured survives the term.
Money back plan - Endowment plan which returns of a part of the sum assured in periodic installments during the term and balance of sum assured at the end of the term
Participating (Par) or with profit plans - 'Par' implies policies which are participating in the profits of the life insurer. 'Non ' Par' policies represent policies which do not participate in the profits
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