Traditional Life Insurance plans are known to provide multiple benefits like income return, risk cover, and tax benefits. They are insurance plans that cater to individuals with a low-risk appetite.
Traditional Life Insurance, also known as whole life insurance, money back or endowment insurance provides multiple benefits like risk cover, fixed income returns, safety, and tax benefits. These are considered risk-free on account of their fixed returns in case of death or maturity of the term.
This type of life insurance policies provides insurance coverage to the policyholder for his/her entire life. Unlike a term life insurance policy, this type of plan never runs out. In case of an inevitable death of the policyholder, the insurance pay-out is made to the policy’s beneficiaries.