Term Life insurance

Term Life insurance plans or term life assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary/nominee. Term insurance is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium rupee basis over a specific period of time. Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a the insured’s nominee a sum of money in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.