What Is Term Life Insurance Mean at Life

What Is Term Life Insurance Mean. Term insurance is a pure life insurance product, which provides financial protection in case of death of the life insured during the term of the policy. In the event of your unfortunate demise during this term, death benefit will be paid out to your nominee(s).

Typically, term life insurance policies are issued for terms of five to 30 years, with the most common policy length being 10 years. Here, at icici prudential life insurance, you pay premiums for a specific term and. Typical term periods are 10, 15, 20, 25 and 30 years.

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Increasing term is a type of term life insurance, which means it lasts for a specific period, such as 10, 20 or 30 years. Life insurance issued for a term of years, normally building up no cash value and expiring without value. Life insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. In legal terms, life insurance is a contract between an insurance policy holder (insured) and an insurance company (insurer).