What is Term Insurance? — Meaning, Definition & Example
Definition
Term insurance is a pure life insurance product that provides coverage for a specific period (term). If the insured dies during the term, the nominee receives the sum assured. It has no maturity benefit, making it the most affordable life insurance. Recommended cover is 10-15× annual income.
A 30-year-old can get ₹1 crore term insurance for 30 years at just ₹700-1,000/month. Compare this to endowment plans that cost 5-10× more for the same coverage.
🇮🇳 Term Insurance in Hindi / हिंदी में
टर्म इंश्योरेंस — टर्म इंश्योरेंस एक शुद्ध जीवन बीमा उत्पाद है जो एक विशिष्ट अवधि के लिए कवरेज प्रदान करता है। यह सबसे सस्ता जीवन बीमा है। अनुशंसित कवर वार्षिक आय का 10-15 गुना है।
Term Insurance (Hinglish) — Term insurance ek pure life insurance hai jo specific period ke liye coverage deta hai. Sabse sasta life insurance hai. Recommended cover annual income ka 10-15x hona chahiye.