Term insurance is a type of life insurance where the insurer provides coverage for a certain 'term' in exchange for a specific premium paid over a period of time. If insured dies during the term period specified in the policy, a death benefit is paid to the family of the insured.
Term insurance plan or a term insurance policy is a life insurance product which guarantees payout to the nominees upon death of the insured. In return to this guarantee, a fixed amount of premium is deducted at specific intervals. Buying a term insurance plan during the current COVID 19 outbreak is a necessity
If you are an earning person of the family, then you must have term insurance. When you buy term insurance, you will get peace of mind in knowing that your income will be replaced if you are no longer there. In case of your unfortunate demise, the benefits from the term plan can help your loved ones pay for their regular expenses and also achieve their long term goals.
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