The Term life insurance plan and their benefit:
The Term insurance policy is the oldest form of life insurance policy, this is also a simple form of the life insurance policy.
In this policy, a person gives a sum amount of premium to the insurance companies and the insurance companies cover the life of the person.
The insurance companies assure him and provides for payment of the sum assured on death.
The person, payable nothing if he/she survives (after the policy term year). It is a pure risk cover insurance policy that covers the unfortunate death of the person between the policy term year.
The person can get tax benefit on the premiums paid on buying term insurance policies. The term insurance policies are much less expensive, compared to other different types of insurance policies available in the market, a person gives a small premium to cover life risk (high sum assured).
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Choose the right Term life insurance policy