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What is term insurance?

Term insurance is a type of life insurance that covers the policyholder up to the age specified in the policy. Should the life assured die before the term is over, the beneficiary will receive a death benefit as per the policy selected. The objective of having this insurance is to provide financial coverage to the life assured and his/her family, in the event of unfortunate situations like permanent disability or death. 

Term insurance is the simplest form of life insurance. By offering a high life cover for a relatively low premium payment, term insurance enables you to secure your family financially.  Moreover, you can make the premium payment monthly, quarterly, annually or at one go, depending on the term insurance plan you choose.

The amount you pay as the premium is only used for providing life cover and does not go towards any kind of investment. Also, only a small amount is deducted to cover the administrative cost. Thus, making it the least expensive type of insurance.

To illustrate, suppose Deven has a term insurance plan that covers him in the event of death until the age of 60. Should Deven somehow pass away before this age, the term insurance plan will cover him and pay a financial benefit to his family. However, if Deven lives past the age of 60, his term plan will not yield any financial benefits.

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