Types of Term Insurance
Term insurance offers a comprehensive life cover to the policyholders in the form of insurance coverage amount against lower premiums. Term plans are pure protection plans with or without any maturity benefit. It provides sum assured to the policy nominee/ beneficiary upon the untimely demise of the policyholder within the policy tenure.
Along with knowing the importance of term insurance, it is also essential to be aware of different types of term insurance plans to make the right buying decision. Following are different types of Term Plans which you can choose depending on your age and lifestyle.
- Level Term Insurance
- Increasing Term Insurance Plan
- Decreasing Term Insurance Plan
- Term Insurance with Return of Premium (TROP)
- Convertible Term Plans
- Term Plans with Riders