Term life insurance is the most cost-effective, simple, and appropriate insurance policy. The main advantage of term life insurance over permanent life insurance policy is cost. The policy provides a lump sum to the family of the life assured in case of death or critical illness.A term life insurance policy is essentially a death benefit payable only within a selected time period. Term life insurance offers you a greater level of flexibility over permanent life insurance.Term insurance policies provide the advantage of changing the term for a particular policy. For example, if you have a 20 year term policy, you can convert it into 14 or 15 years. For the death benefit, this policy offer advantage for a particular number of years. At the time of policy purchase, you have to decide the time period. You can buy your policy for 1 year, 5 years, 10 years, 15 years, 20 years, 25 years or 30 years.
well said.. hi people dont confuse investment and insurance.. this is my humble request... if u want investment purpose please dont go insurance ( i mean more profit ).
Life insurance offers you following benefits – Life Cover Long-term Savings Life Stage Specific Planning Tax saving
Alongside the above mentioned post certain Life insurance also covers :- - Benefit plan - Accidental Death Benefit - Critical Illness - Terminal Illness