About Term Policy Insurance
Term insurance policy is a purest life insurance policy that provides comprehensive financial coverage on the death of the insured person against the premium paid for a specific term. A term plan offers financial security to the family in case of death and at the same time helps in fulfilling futuristic plans like wedding or education.
Benefits of Term Insurance
- It is the most benefitted life insurance plan.
- The beneficiary will get a lump sum amount in case of death of an insured person.
- It provides financial assistance in case of loss of bread earner.
- You can claim supplementary income in case of loss of income due to accidental disability or illness.
- The benefit of sum assured will be more in case of accidental death.
How Term Insurance Work?
Among all the life insurance products, the term policy gives the highest coverage mainly because the premium paid is non-refundable. An insured person gets the coverage for the amount of period for which the policy was drafted. On the expiry of the term, the policy lapses and the premium also does not get refunded. Only in case of death of the insured person, the claimed amount will be paid to the nominee or the beneficiary.
