Term insurance is a pure risk insurance plan, the most basic type of life insurance plan. Term life insurance is a reasonably priced policy that you can easily purchase without any hassle.
A term life insurance policy generally provides a death cover for a specific time period as insured select the insurance term. God forbid, in the event of the sudden demise of an insured during his/her policy period, the life insurance company offers a pre-decided death benefit as a lump sum, or as an annual or monthly payment, or as combined benefits to the nominee as per the policy. The best term life insurance plan offers comprehensive life cover at considerably lower premium. Keep in mind that the life insurance company will offer no benefits is case the insured outlives the policy period or the policy term.
- Death Benefit:
Term life insurance plan offers sum insured amount as death benefit. It is paid as a lump sum, monthly payouts or both.
- Additional Riders:
Depending on your expectation, you can always go with different additional riders to increase the basic term life insurance coverage with nominal premium amount.
