Term life insurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time. Once that period expires and the life insured is still alive, further coverage must be obtained under different conditions and premiums.

If the life insured dies during the term, however, the death benefit will be paid to the beneficiary.

The following are the benefits of a term insurance plan:

• Affordable premiums
• A significant life insurance cover in the event of death while the policy is active
• Tax benefits under section 80c
• Financial aid in case of accidental disability while the policy is active (not all policies have this add-on)

Also read: term insurance vs whole life insurance

Since term plans have no cash value for the insurer, they are the cheapest type of life insurance in the market today.

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