Term Insurance Plan

• Term Insurance is a straightforward life insurance policy that provides coverage for a specified term. Unlike whole life or endowment policies, it does not accumulate cash value and is designed primarily for pure protection.

• In the event of the policyholder’s demise during the specified term, Term Insurance pays out a tax-free death benefit to the beneficiaries. This lump sum can be used to cover living expenses, debts, and other financial needs.

• Yes, Term Insurance Plans offer flexibility in choosing the term duration. Policyholders can select a term that aligns with their financial goals, such as the duration of a mortgage or until their children reach financial independence.

• Yes, Term Insurance is often more cost-effective compared to whole life or endowment policies. It provides maximum coverage for a lower premium, making it an ideal choice for those seeking straightforward life insurance protection.

• If the policyholder outlives the term of the policy, Term Insurance typically expires without paying any benefits. However, some policies may offer options to renew or convert to a permanent life insurance policy, depending on the terms of the plan.

process typically involves submitting a claim form along with relevant documents, such as medical bills and receipts, to the insurance company. Once received, the insurer assesses the claim and determines the eligible reimbursement amount based on the policy terms and coverage.