Term Insurance:
This is the simplest, oldest and cheapest form of insurance. This provides the compensation to the family if the insured dies within the insured period. Otherwise premium is ceased. This is most useful while travelling.

Whole life insurance:
There is no time limit fixed, anytime the insured dies, his family will receive the sum assured. The premiums too can be paid one time or in installments until the retirement.

Endowment insurance:
This is a saving plan as well as a life cover. The period is fixed, the money is paid back at the maturity of the policy, or, in case of death earlier than the maturity date, his family will be paid. This is best for those who want to run their own business after completing some years in the employment.

Annuity:
This is a kind of saving plan for a person who has a reasonable large sum of money and wants to provide an income for him after he retires, or at some other time. There are three types of annuity plans:

1. Immediate annuity : It starts immediately on paying the money. The pension starts immediately
2. Deferred annuity : It starts at some date in future as required by the insured.
3. Annuity certain : This may be payable irrespective of death for a certain period.

Pension schemes:
Everyone wishes to have a hustles free life after the retirement whereby he can have a continuous income so that he may not become a burden on others. This is the best scheme for them. In this policy, the insured gets the life long pension.

Whole life plan for Handicapped:
This policy is good for the handicapped and their dependants.

Professional education plan:
Every person dreams of his children becoming good professionals like a doctor, pilot, etc. but it has become the costliest dream as the education costs are unbearable. There are plans in the life insurance in which one can fulfill his dreams with small savings right from the start of his earning career. The important thing to remember is that those who have to withdraw from their assets at the time of the admissions are unwise. If they plan right from the birth of the child, they won’t have to liquidate their assets, and as a result, become dependant on children later. This plan helps to preserve one’s personal savings, which can be helpful in his retired life. Another virtue of these policies is that if the father dies or gets handicapped before the policy matures, the life insurance writes off all the remaining premiums and the children get full financial help which their father dreamt for.

Marriage plans:
In India, Pakistan and Bangladesh, majority of the people take the birth of a daughter as a curse. There are hundreds of cases in which the parents killed or aborted the girl foetus as the daughter’s marriage is the most unbearable expense. The parents become bankrupt if they have more than one daughter. The bridegrooms have become greedy beggars. In most of the cases, the bridegrooms demand nothing but their parents and other family members are so much greedy that the bridegroom becomes an auction commodity. As a result, we often come across the incidents of girls’ suicides, burning, murders and harassments. The offices of the lawyers are full of men and women who are fighting the court cases for their divorces. Most of the cases are dowry oriented.
There are policies in the life insurance in which the marriage expenses are paid in lump sum or in installments. If the earning father or mother dies untimely, the daughters do not get deprived of parent’s dream.

Medical insurance:
One can buy the health insurance against any disease directly or he can buy a rider against any major disease or permanent disability that may happen due to any accident or disease. It is a fact that the medical profession has become an industry. The hospitals and the doctors are violating the rules of the humanity and misusing a noble profession. The doctors, like pocket pickers or decoits and thieves, snatch away the life savings by charging unduly. Under these circumstances, is it not wise for everyone to have a medical insurance or health insurance so that they can protect themselves from the doctors’ blackmail in an emergency?

Car insurance:
Although it is related to the general insurance, but it is worth mentioning here. In India or Pakistan one can get away with the law and justice by bribing the police, but in the Arab countries like GCC (Gulf Cooperative Council) consisting of Saudi Arabia, Kuwait, Bahrain, United Arab Emirates (UAE), Qatar and Oman, it is not rare. One may go to life long prison if unfortunately he makes an accident and kills a person or persons as a result of small driving mistake. His family life gets ruined the same way as it might happen in case of his accidental death.
The car insurance saves from the risk of going to prison. At the same time, the families of those who are killed or injured get the compensation of their financial losses.

Riders:
In this category of insurance, there is no need to buy separate insurance security against accidents, medical help, spouse’s life, permanent disability, etc. With a small addition in the actual premium one can double the death benefits or the disability benefits in case of an accident. There are policies in which both the husband and wife are covered in the same policy. This small addition in the premium for extra benefits is called rider.