TERM PLAN

If protecting your loved ones in the event of your death is your sole concern, a term plan could be ideal. A term plan is a ‘pure’ form of insurance. This means that in the event of your death, your nominee will receive a pre-agreed amount. However, if you survive the policy term, then you do not get any financial benefit. For this reason, the premium that you pay on a term plan is relatively low. That’s why a term plan may be apt if you are in the initial stages of your career.

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