Life - A life insurance policy is essentially a contract between an individual and an insurance provider, where the company promises to pay a specified amount of money to the family or beneficiary of the individual, in return for regular payments over a period of time.

Life Insurance - A contract where an insurance company undertakes in consideration of regular payment of premium to pay a certain sum of money to the assured on Maturity of policy or Death whichever is earlier.

Types of Life insurance policies:

Whole life policy - Under this policy a person is insured for whole life.Insurance company cannot pay any money to insured until he is live.The money is only pay after death of insured to his nominee.
Endowment policy - in this policy Sum Assured along with bonus is given on his death to his nominee or on the Maturity insured get the insured get specific sum along with Bonus.
Term Insurance policy - The period of such policies are specific.Throughout the term policy,The Premium is fix,it doesn’t changeThe nominee get huge amount in lowest premium if insured get untimly death.
Money-Back policy - Money back policy gives regular percetage of sum Assured during the life time of policy.
Joint Life policy - It is for those people who have common interest  and require joint safty for their lives.
Annuity policy - Such kind of policies are  for those people who have some extra money  and want  to use the same after retirement.
Pension plan policy - Pension plan offer a guaranteed income after certain period of time or life time.it provides some financial support after Retirement.
Unit Linked Insurance Policy - The Private companies introduced ULIPs to merge the profits of life insurance policies with Mutual Funds.In such kind of policy’s specific amount of premium is invested in listed companies or bonds ,funds and remaining amount is used in fund management expense 7 Life insurance to provide balance.