A Term Insurance Plan is one of the most basic and simple life insurance plans available in the market. It is a pure protection plan that offers life insurance coverage for a specific period of time, known as the policy term. The policy term can range from 5 years to 40 years. In case of the policyholder's untimely death during the policy term, the death benefit is paid out to the beneficiary.
There are various online Term Insurance Plan calculators available that can help you calculate the right life insurance coverage for you. Simply enter your age, gender, smoking status, the policy term you are looking for, and the sum assured you need, and the calculator will do the rest.