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It falls into the complete protection category. It provides pure protection. Basically, it covers the risk of dying. In this plan, the sum assured amount which the insurer promises to pay would be provided to the nominee or beneficiary as stated in the policy document in case of insured's death. If you survive in the policy term period, then you will get nothing or can get your premium back which basically varies from insurer to insurer.

If you are planning to buy pure life risk cover, then term insurance is the best and cheapest form of policies.

There's a choice to add riders to widen up the coverage.

The death benefit is payable as lump sum, monthly payouts, or a combination of both.

When it comes to term insurance, you should keep in mind that there will no payout if the insured survives. However, nowadays there are many term insurance companies that provides Term Plans with Return of Premiums (TROPS), under which the insured gets all the premium in case the insured outlives the term period. But, such plans are expensive as compared to the basic term insurance plan.

Features of Term Insurance

• Most Affordable : As compare to others, Term insurance is the cheapest form of life insurance plan that provides complete risk cover in the hour of need.

• Pure protection plan : It is basically designed to offer the required cover to the insured family to deal with unexpected circumstances and stands strongly with an adequate financial cover.

• No investment option : Term insurance cover provide cover to the dependents. The sum assured is not reinvested in any manner.

• More coverage for low premium : Term insurance policies offers wider coverage at a low premium.

• Flexible premium payments : Consumers can choose from a wide range of premium payments options.

• Cover for a specific period : Cover is provided for a specific period only.

• Risk management : Assist insured's family in clearing all debts and liabilities.

• Riders : You can buy numerous additional riders such as critical benefit rider, accidental death benefit and partial permanent disability are available.

• Variants : Numerous insurers offers term insurance plan with variants that includes level benefit, increasing benefit and decreasing benefit.

• No maturity benefits : In most of the term insurance plans, there are no maturity benefits in that if a policyholder survives, he or she doesn't get any maturity benefits. However, some insurance introduced new products with maturity benefits as well.

Why should someone invest in term insurance?

Ideally, very person should invest in term insurance plan. Moreover, if you are the sole breadwinner fo the family and there is no one else who can take care of your family like you do and if your family depends upon you for their each and every requirement then you should invest in a term insurance plan today. It will not only protect your family but will also safeguards them against several unwanted emergencies.

• For the security for your family

• If you are the sole breadwinner in the family

• If you have dependents - parents, spouse, etc.

• If you are a single person who is planning to start a family

• If you are running a business or a startup

• If you have children and wish to secure their future even in case of your absence

Those who do not want their family to suffer for their daily needs after them should definitely give a gift of love to their family and there is nothing better than term insurance plan.

Bank Loans or any Outstanding Liabilities: Apart from the basic protection cover that comes in the form of lump sump benefit of regular income, there must be some loans and liabilities that you are having. Have you ever thought who will pay them after you, in such financial crisis would your family be able to clear all dues. Not sure! Then it is essential for to invest in a term insurance plan that will help your family in clearing all your liabilities and debts as well.

Income Gap Imagine you are the sole earner of your beloved family and some unforeseen situation arises. How would the income be replaced due to loss of regular income? How would this gap be met? Therefore, compare term insurance quotes online for different insurers to get a better idea of the sum assured. This will help you in maintaining the current lifestyle of your family members in your absence.