Term Insurance

Term Insurance

Term insurance, also known as term life insurance, is a type of life insurance that provides coverage for a specified term or period of time. If the policyholder dies during the term of the policy, a death benefit is paid out to the designated beneficiaries tax-free, providing financial protection to the policyholder’s loved ones.

Here are some key features of term insurance:

Coverage period: provides coverage for a specified term, typically ranging from 5 to 30 years. Once the term expires, the policy generally does not provide any further coverage, unless it is renewed or converted to a permanent life insurance policy. Term Plan in Noida
Death benefit: The death benefit is the amount of money that is paid out to the beneficiaries upon the death of the policyholder during the term of the policy. The death benefit is generally income-tax free and can be used by the beneficiaries for various purposes, such as paying off debts, replacing lost income, or covering funeral expenses.
Premiums: Term insurance premiums are usually lower compared to permanent life insurance premiums, as provides coverage for a specific term and does not build up cash value or investment components. Premiums are typically based on factors such as the age, health, and coverage amount of the policyholder, as well as the length of the term.Term Plan in Jaypee
Convertibility: Many policies offer a convertibility option, allowing the policyholder to convert the term policy into a permanent life insurance policy without undergoing additional medical underwriting. This can be a valuable feature for individuals who may want to extend their coverage beyond the original term or have the option to access cash value in the future. Term Plan in South Delhi
No cash value: Unlike permanent life insurance policies, term insurance does not typically accumulate cash value or provide any investment or savings components. It is solely designed to provide a death benefit during the term of the policy.


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