Term life insurance is one of the simplest and most affordable forms of life insurance. It provides financial protection for your family in the event of your untimely demise during the policy term. With this plan, you pay a fixed premium for a chosen duration (10, 20, or 30 years, or until a specific age). If the policyholder passes away within this period, the nominee receives the assured sum, ensuring financial security and stability for dependents.
Key benefits include high coverage at a low premium, customizable policy terms, additional riders like critical illness or accidental death benefits, and flexible payout options such as lump sum or monthly income. Term plans are ideal for individuals with financial dependents, loans, or long-term goals like education, housing, and retirement planning.