A Term Plan is a type of life insurance that provides life cover to a person and ensures that his/her dependents are protected financially in case something unfortunate were to happen to him/her. Term plans offer coverage for a specified period of time and pay out the coverage amount to the family of the life insured in the event of his/her unfortunate demise or on the happening of certain predefined events within a specified period of time.
Term insurance plans offer adequate coverage at an affordable price. There is no maturity value or survival benefit in a term plan. Term plan benefits can be offered through lump sum payment or regular income stream or a combination of both. One should choose the right benefit type basis one's protection requirement.
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Prices mentioned are for monthly premiums and are purely indicative. Life insurance premiums are dependent on the Age of the insurer and the Sum Assured.