Term Nowadays, there are many kinds of term plans available in the market. Earlier there used to be a Term plan only with regular pay till the term with a maximum age of 60 years of cover.
Life Insurance plans can be divided into two categories. Endowment Plans and Term Insurance Plans. Proposers should consider both kinds of plans in their portfolios.
Endowment plans are a mix of insurance and savings. Instead of paying the entire funds for insurance only, people prefer to go for Endowment plans, which give the policyholder coverage and returns on the investment with bonus accumulation.
Term plan is a pure life insurance plan with gives coverage only and no return of premium. There are people who prefer term plans as they think the returns from the Endowment plans are very low.
Term Insurance policy is for those who want big cover at a low cost. High net worth individuals (HNI), Sports Stars, Film Stars, Industrialists, Big Loan Applicants, and Company Executives like MDs, CEOs, Directors etc. prefer big Insurance as endowment plan coverage would be more.
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