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Term Plan

Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy are active, or in force, a death benefit will be paid. Term insurance is initially much less expensive when compared to permanent life insurance. Unlike most types of permanent insurance, term insurance has no cash value. In other words, the only value is the guaranteed death benefit from the policy. A term plan helps you prepare for such uncertainties. ... The term insurance should be able to provide the family with adequate income in case of an unfortunate death. The tenure of the term plan should cover the span that an individual intends to work. If you die during the term, a death benefit is paid out. If you don't die during the term, the policy terminates at the end of the term.

A major benefit of this type of policy is that the premium money returned to you is completely tax-free, as it is not considered income but simply a refund of premiums.


FEATURES OF LIFE INSURANCE POLICY