What is the Term Life Insurance?

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What is the Term Life Insurance: A life insurance is a contract between an individual and a company under which a sum of money will be paid by the insurance company as a death benefit to the insured. Choosing the right policy among the various types of life insurance policies in India is very important. However, there are many people who do not know that there are different types of life insurance policies in India and term life insurance is one of them.

What is the Term Life Insurance

Term life insurance, which is also known as pure life insurance, is a type of death benefit that pays the heirs of the policyholder throughout a specified period of time. It is one of the most sought after life insurance policies in India. It provides financial assistance to your family at the most affordable rates. Term Insurance Policy is comparatively cheaper than other types of life insurance policy.

Types of Term Life Insurance Policy

In the above article we learn What is the Term Life Insurance. Now we will discussed about the types of term life insurance policy in India. Here is the list below –

  • The Level Term or Level-Premium Policy
  • The Yearly Renewable Term (YRT) Policy
  • The Decreasing Term Policy

Benefits of Term Life Insurance

There are many benefits of Term Life Insurance Policy. First of all it provides insurance comparatively cheaper than other types of life insurance policy. That means the parents can obtain substantial coverage for a low cost. It provides financial assistance to your family at the most affordable rates. 

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