nwhole-life policy: This lasts for the entire lifetime of the insured. Only the nominee gets the money. Premium is low compared to the other policies.

nendowment/ money back policy: You pay premium for a fixed number of years and get the money back as a lump sum or annuity along with coverage. Could be for 10 years or even for 40. The rate of premium is higher than the whole-life policy.

nterm policy: You pay premium for a specific number of years for a limited period of coverage. The duration of this policy has to be at least one year while the maximum is 20 years. The premium charged is lowest among all the policies.

nunit-linked plan: Actually a whole-life, endowment or a term policy. The only difference lies in the fact that your money is invested in stocks ? which is supposed to make it grow faster. The premium charged is high and so is the risk factor.