What Are Life Insurance Term Plans?

Term plan, a type of life insurance policy provided by life insurance companies explained in brief.

Term plans are life insurance plans that just cover the risk of demise during the term of the policy. On death, the nominee gets the “sum assured” i.e. the amount of life insurance. If you survive the policy term, you get no benefits.

Of course, there are term plans that return the premiums paid. Among categories of life insurance plans, term plans offer the highest life insurance coverage for the lowest premiums.

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