Term insurance is a kind of life insurance plan that provides protection to the policy holder for a specified time period say for, 10, 15, 20, 30 or maximum renewal age (varies company to company). It is a pure protection plan i.e. it does not offer anything else but only coverage against risk of death.
Term insurance plan is the most widely preferred plan because:
- It is the cheapest plan available in the market to provide insurance coverage.
- It is the simplest plan to understand i.e. it does not mix insurance with investment.
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