🗂️ Policy Types — What Each One Means
Wevanta supports all common insurance and investment policy types. Choose the correct type when adding a policy so that the right features (like Money-Back entry rows) are activated.
☂️ Term Insurance
Pure protection — pays a lump sum to your nominee if you pass away during the policy term. No maturity benefit if you survive. Cheapest form of life cover.
Examples: LIC Tech Term, HDFC Click2Protect, ICICI iProtect
When to use: You want high life cover for a low premium. Family protection is the goal.
❤️ Life / Whole Life
Life-long coverage — policy continues till age 99 or 100. Has a savings component that builds over time. Higher premiums than Term, but builds wealth.
Examples: LIC Jeevan Umang, LIC Whole Life Plan
🏦 Endowment
Insurance + Savings — guaranteed lump sum at maturity (if you survive) or to nominee (if you don't). Lower returns but safe and guaranteed.
Examples: LIC Jeevan Anand, LIC Jeevan Labh, SBI Shubh Nivesh
When to use: You want guaranteed savings with insurance cover. Common for children's education planning.
💰 Money Back
Insurance + Periodic payouts — pays back a percentage of Sum Assured at regular intervals during the policy term, with the remaining amount at maturity.
Examples: LIC Money Back, LIC Jeevan Shiromani, Max Life Monthly Income Advantage
When to use in Wevanta: Select this type to unlock the Money-Back Entry rows where you can record expected payout dates and amounts, and mark each payout as received when it arrives.
🏥 Health Insurance
Medical cover — covers hospitalisation, surgery, critical illness, OPD expenses. Can be individual or floater (covers whole family).
Examples: Star Health, Niva Bupa, HDFC ERGO, Government CGHS
When to use: Track annual health insurance renewals with automatic premium reminders.
🚗 Vehicle Insurance
Motor cover — mandatory third-party insurance plus optional comprehensive cover for your car, bike, or commercial vehicle.
Examples: Bajaj Allianz, ICICI Lombard, New India Assurance
When to use: Track annual vehicle insurance renewals. Set reminders 30 days before expiry so you never drive uninsured.
📊 ULIP (Unit Linked Insurance Plan)
Insurance + Market investments — part of premium goes to life cover, part is invested in equity/debt funds. Returns linked to market performance.
Examples: LIC SIIP, HDFC Click2Wealth, Bajaj Allianz Future Gain
When to use: Track ULIPs alongside mutual funds. Note: ULIP fund value is shown in your Accounts, but premium schedule is tracked here.
👶 Child Plan
Child's future protection — designed to fund education or marriage. Has a waiver of premium clause — premiums are waived if the parent dies, but the policy continues.
Examples: LIC Jeevan Tarun, HDFC SL YoungStar, Bajaj Allianz Young Achiever
🧓 Pension / Annuity
Retirement income — accumulates a corpus during working years, pays a regular pension after retirement.
Examples: LIC Jeevan Akshay, NPS Annuity, HDFC Life Sanchay Par Advantage
📄 Other
For any policy type not covered above — property insurance, crop insurance, personal accident cover, travel insurance, etc.
💡 Pro Tips
- Add all family members' policies — each policy can be assigned to a different family member
- Use Expected Maturity Value field to track your total projected returns from all policies on the Net Worth page
- Set the Policy Status to "Lapsed" or "Surrendered" for old inactive policies — they become greyed out on the dashboard but data is preserved