There are several classifications of the life insurance policy on the basis of the duration of the policy. Endowment policy is also divided in classes. Three of them are described according www.entbet88.com in the below:
1. Educational annuity policy This kind of life insurance policy is taken for the interest of the children's education. In this policy, a policy taker opens an educational annuity policy for a certain period of time by paying installments to the insurer. After the end of the time of the policy the insurer gives the insured money as educational annuity in a certain frequent time to the kids named in the policy until a certain period. If the policy holder is died before the end of the time of the policy, then there is no need of any installment. In this case, after the death of the policy holder, the insurer will give the full insured money as educational annuity to the children named in the life insurance policy until a certain period. 2. Double endowment policy This kind of policy is similar to the ordinary endowment life insurance policy. But there is a noteworthy difference between them. In a double endowment life insurance policy, if the policy holder is alive after the end of the time of the policy, then the insurer will be bound to pay doubled than the insured money. If an insured is died during the time period of the policy, then his selected nominee will get the insured money only that was agreed in the policy. The duration of these kinds of life insurance policies are between 10 years to 40 years which means long term. 3. Multi purpose policy Multi purpose endowment life insurance policy is a policy in which there is an arrangement, where many purposes of humans lives are taken together within the same policy. There is an opportunity to get a financial certainty and security of the risks of humans deaths, lameness, illness, unemployment, kids educations, daughters marriages and many other matters. But here the rates of premium are generally high. All of the above policies are important to be considering in taking a life insurance policy.
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