Really good question! Term is a type of life insurance that provides a potential death benefit for a fixed period or "term." This is commonly a flat premium for say, 5, 10, 15, 20, or 30 years. After the end of the term the policy no longer provides a death benefit. The other common characteristic of term life is there is generally no cash accumulation, which helps keep the cost relatively low. Term is often characterized as temporary insurance.
Term plans are specifically designed to secure your family needs in case of death or uncertainty. It is a form of life cover, which provides coverage for defined period of time, and if the insured expires during the term of the policy then death benefit is payable to nominee.
Term plans provide pure life cover. This means there is no savings or profits component. They are basic plans which make life insurance more affordable. It is possible for the policyholder to opt for a larger life cover at a lower premium as compared to a similar endowment plans.
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