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What you need to know about term life insurance

There are two types of life insurance. Endowment allows not only receive the insurance coverage in case of an accident but also save money by a certain date. Upon the contract expiration, the accumulated amount with interest is paid, writes Moneycontrol.com.
What you need to know about term life insurance

Term insurance plans cover a person from death for a specified period. The contract term can be from 1 to 30 years. However, these policies always have expiry date. That is why such plans are called term insurance plans. These policies only protect a person from death for the agreement duration. These policies do not accumulate monetary value.

For such plans, insurers set the age limit when the contract is to expire. This age limit in many Russian companies is 70 years. If a person is older, he can no longer have a policy.

Thus, the following are the main characteristics of term life insurance:

A person’s life coverage is only for a certain and always finite period;

The maximum age of the client at the time of contract completion is limited;

The payout is made only upon the death of the insured during the validity period of the policy.

Source: https://www.moneycontrol.com/news/business/personal-finance/saral-jeevan-bima-10-things-to-know-about-this-standard-term-insurance-policy-6309121.html

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