Term insurance is a type of life insurance that provides protection to the policyholder for a predetermined amount of time in exchange for a premium paid over time. If the insured person unexpectedly dies during the course of the policy, it will provide financial security for the nominee or beneficiary.
Term insurance, commonly known as a term life insurance plan, offers substantial life coverage for affordable premiums. A term plan provides financial protection to the policyholder’s family for a set premium amount throughout the course of the policy term. The selected cover amount is given to the nominee as a death benefit in the terrible event that the insured person passes away during this period.