Term Life Insurance
A Term plan is a pure protection life insurance plan:
- In case of death of the Life Assured during the policy duration, the guaranteed insurance coverage amount (Sum Assured) is paid to the nominee.
- These plans are highly cost effective, and provide a high life insurance cover in return of a comparatively smaller premium amount.
Why should you buy a Term Plan?
Term plans are best suited for working individuals who have dependents (children, parents) and are looking for a considerable amount of protection against uncertainties of life (death) at a fairly low price. The basic purpose of a Term plan is to provide financial security for the applicant and his/her family.
