Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.
Term Life insurance is a great protection against financial risks. Selecting the tenure of your term plan is as important as the Sum Assured. A life insurance policy is usually taken for covering financial risks until the end of your working age. So, it is always better to select a term plan that lasts till you have cleared all your financial liabilities like various loans, education, and marriage of children.