Terms plans are considered to be the best form of insurance by financial planners as this type of insurance provides high cover at a low price. Term Plans are protection plans which provide only life cover. The plan is purely designed to offer financial security to your family in case of an eventuality. Term insurance is also known as a “pure risk” plan – simply because it mitigates the risk of the bread winner not being there to provide financial support to the family.
It’s a policy where premiums are paid in return for a benefit to the family in the event of death with no survival benefits.
Term Insurance covers death due to any reason.
