Kinds of Life Insurance Policies:

Term Insurance
Term Insurance is for a set period and  in the event of death or total and permanent disability , dependants will be paid a benefit however no benefit is normally payable if the life assured survives the term.

Whole Life Insurance:
Whole life insurance  guarantees lifelong protection and pays out a death benefit so that family is protected against financial loss that can happen after death and It also  creates an estate for heirs as an inheritance.

Endowment Policy
An Endowment Policy is a savings linked insurance policy with a specific maturity date, wherein the Sum Assured will be paid to beneficiaries in case of death and disability, otherwise on survival the term, the maturity proceeds on the policy become payable.

Money back plans or cash back plans: 
Under this plan, certain percent of the sum assured is returned to the insured person periodically as survival benefit.  On the expiry of the term, the balance amount is paid as maturity value. 

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 as per the future needs of the child.

Annuity (Pension) Plans:
When an employee retires he no longer gets his salary while his need for a regular income continues. Retirement benefits like Provident Fund and gratuity are paid in lump sum which are often spent too quickly or not invested prudently with the result that the employee finds himself without regular income in his post - retirement days.

Unit Linked Insurance Policy

Unit Linked Insurance Policies (ULIPs) offer a combination of investment and protection and allows the flexibility and choice on how the premiums are invested.sTypically, the policy will provide you with a choice of funds in which you may invest. In the event of death or permanent disability, the policy will provide the Sum Assured (to the extent you are covered) so that you can take comfort in knowing that your family is protected from sudden financial loss. A ULIP has varying degrees of risk and rewards. There are various charges applicable for Unit Linked Policies and the balance amount out of the premium is only invested in the fund/funds chosen by you.  It is important to ask your insurer or agent or broker questions to understand the sum total of charges that you have to incur. It is important to assess your risk appetite and investment horizon before deciding to buy a ULIP policy. You must also read the terms and conditions of the policy carefully to understand the features of the policy including the lock-in period, surrender value, surrender charges etc.
All the types of plans mentioned above can be offered under ULIP plans.