Rewrite A term plan, also known as term life insurance, is a type of life insurance that provides coverage for a specific period or “term”. If the insured person dies during this term, the beneficiary receives a death benefit, which is a pre-agreed sum of money. If the insured survives the term, there is no payout. Term plans are generally the most affordable type of life insurance because they only offer a death benefit and do not accumulate any cash value.
Here’s a more detailed explanation:
Pure Protection: Term plans are primarily designed for financial protection, offering a death benefit to your beneficiaries if you die during the policy term.
Affordable Premiums: Because they don’t have a savings or investment component, term plans typically have lower premiums than other types of life insurance.
Fixed Term: The coverage is for a specified period, such as 10, 20, or 30 years.
Death Benefit: The main benefit is the lump-sum payment to the beneficiary upon the death of the insured within the policy term.
No Maturity Benefit: If the insured survives the term, there is no payout, and the policy ends. and make it seo optimized
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