What is a Term policy in LIC?

rushil_mathew

Term policy is a life insurance policy for a specific term such as 10, 20 or 30 years. The death benefit is paid if the policyholder dies during the term. If the policyholder does not die during the term, the policy expires and no death benefit is paid.

rohan_gugale

In life insurance, a term policy is one which provides coverage for a specific period of time or term. After the expiration of the term, the policyholder can renew the policy for another term, but at a higher premium rate. If the policyholder does not renew the policy, then the coverage lapses and the policyholder is not entitled to any benefits.

A term policy is the simplest and most straightforward type of life insurance coverage. It does not build up any cash value, like whole life insurance does. Instead, it pays out a death benefit to the beneficiary if the policyholder dies within the term of the policy. If the policyholder survives the term, then the policy expires and the policyholder gets nothing.

Term life insurance is a popular choice for people who want to keep their life insurance coverage affordable. The premiums for term life insurance are lower than for whole life insurance, since there is no cash value component.

Here is a link that explains term life insurance in more detail:

https://www.investopedia.com/terms/t/term-life-insurance.asp

Maanas742

LIC's Term policy is a policy in which the insurer agrees to pay a sum of money to the policyholder's nominees in the event of the policyholder's death during the policy term. The policy term is the period of time for which the policy is active, and usually ranges from 5 to 30 years. If the policyholder dies during the policy term, the nominees will receive the sum assured, which is the amount of money that the policyholder had chosen to be covered for. If the policyholder survives the policy term, the policy will lapse and no money will be paid out.

Amol440

LIC term policy is a life insurance policy for a fixed term. The sum assured is paid out to the nominee in the event of the policyholder's death during the policy term. The policy does not have any maturity value and does not earn any bonuses.

Anusree628

LIC's term policy is a life insurance policy for a specific term. The policy pays out a death benefit if the policyholder dies within the term. The policy does not have a cash value and does not accumulate any cash value over time. The term policy is the most basic type of life insurance policy and is typically the most affordable.

crazyduck875

A term policy in LIC is a life insurance policy that offers coverage for a specific term. The term can be for 1 year, 5 years, 10 years, or even 20 years. The policy pays out a death benefit if the policyholder dies during the term of the policy. Term policies are generally less expensive than whole life insurance policies.