Page 45 - M1_Insurance Introduction Notes
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5. Children Policies
These types of policies are taken on the life of the
parent/children for the benefit of the child. By such
policy the parent can plan to get funds when the child
attains various stages in life.
6. Annuity (Pension) Plans
A pension or an annuity is a fixed sum paid regularly to
a person, typically following retirement from working
life. There are two types of annuities (pension plans).
- Immediate Annuity
In case of immediate Annuity, the Annuity payment
from the Insurance Company starts immediately.
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