Term Insurance What Is

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Term insurance is one of the most popular life insurance products. A great portion of its growing popularity in the country can be attributed to the fact that it is a pure life insurance plan. It helps life assured to keep their family and loved ones financially secured in case of an unfortunate event leading to. Term insurance, like all insurance plans, is a contractual policy between the insured policyholder and the insurance company.

This coverage policy safeguards the family of the insured if the latter passes away in an untimely demise. A term insurance plan offers the policyholder with dual tax benefits. As per section 80c of the income tax act, the premiums that are payable towards the insurance policy are allowed tax deduction of up to rs 1. 5 lakh per annum. Also, the death benefit that the nominee receives is tax deductible as per section 10 (10d) of the income tax act. Term insurance is one of the most common and easiest forms of insurance available to individuals. It is the simplest form of life cover provided for a fixed tenure. This type of cover does not provide any maturity benefits. In the event of the death of the insured person, the death benefits are provided to the nominee or the legal heir of such. Term insurance is a pure life insurance product, which provides financial protection in case of death of the life insured during the term of the policy.