Term insurance plan is a form of Life Cover, it provides coverage for a defined period of time, and if the insured expires during the term of the policy then death benefit is payable to nominee.
These policies are available in the range of 10-30 years term and are relatively cheaper than endowment policies, money back policies and ULIPs. It enables you to secure your family financially, by offering a high life insurance cover amount for a relatively low premium payment. You can pay these premiums regularly, or at one go, depending on the insurance policy you choose. The benefits in a term insurance policy can be availed only in the event of the death of the insured.
