Term Insurance generally covers an individual for a certain period (term) – for e.g. 10, 20 or 30 years (other durations are also available). This can be a affordable way to protect your loved ones from any liabilities (e.g. outstanding mortgage, children’s education, any personal or business loans) in case of the loss of an income earner or supporting spouse/ family member. Premium substantially increases after the term duration. Some term policies allows you to convert to the permanent products.

Term Insurance is generally of three types:
Term: Beneficiaries get paid upon the death of the insured during the period (term) of the insurance. Most of these policies offer terminal illness acceleration of death benefit.
Term with Living Benefits: Beneficiaries get paid upon the death of the insured during the period (term) of the insurance. These policies offer critical, chronic and terminal illness acceleration of death benefit. Benefits are determined at the time of the claim.
Term with Return of Premium (ROP): Beneficiaries get paid upon the death of the insured during the period (term) of the insurance. If the insured lives past the term duration, he gets back the premium that he paid for the duration

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