What is insurance term plan

Term Insurance is the simplest and purest form of life insurance. It provides financial protection to your family at the most affordable rates.

What is the meaning of term plan in insurance?

Term insurance is a life insurance product, which offers financial coverage to the policyholder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.

What is term insurance and how does it work?

A term life insurance policy is the simplest, purest form of life insurance: You pay a premium for a period of time – typically between 10 and 30 years – and if you die during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary).

What is term plan in simple words?

A term plan is a specific type of life insurance policy that provides protection for a definite period of time or 'term'. In the event of the unfortunate demise of the insured person during the specified term, the insurance company pays the beneficiaries of the insured a pre-determined sum of money.

What is the benefit of term insurance?

Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder. Also, you can get optional coverage for critical illnesses or accidental death. You are covered for a long duration, while the premiums are affordable.