Term Plan
  • Term life insurance is exactly what its name implies. It is an insurance policy that protects the policy owner for a specific number of years. If the owner of the policy dies during that span of years, the policy's face value is paid to the beneficiary. In short, although it's called life insurance, it actually could be called death protection--because that's what it does. It protects the owner's beneficiaries in the event of his death.

    Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. The premiums are very low basically because there is no savings element and if nothing happens to you during the policy period there is no maturity benefit.

    Term plan is a life insurance plan which provides lump sum amount if something happens to life insured. For example- If someone buys term life insurance policy and he passes away, then his family will receive the amount of cover opted for. Term plan is a necessity and one should buy it if he has any dependents.

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