What is Term Insurance
In very simple words, Term Insurance is the biggest financial security for your family, in your absence!
It is the simplest and cheapest insurance policy available in the insurance market, which provides death benefits to the family of the insured, in case the insured person dies while the policy is still running valid. The said benefits are transferred to a family person nominated (nominee) by the insured.
In case the policyholder is still alive and the Term Insurance policy expires, the policyholder can go for an extended policy. But, in that case the premium payments may vary from the earlier premiums that he was paying.
While buying a Term Insurance, the buyer can choose the term (period) of the policy, as per the options made available by a particular insurance provider, based on the age and other important parameters.
Today, there are a huge number of insurance plans floating in the market, because the priorities of different insurance buyers are different. Out of those, Term Plan or Term Insurance is the most basic, yet, most important insurance for every individual who has a family.