Term insurance plans can be of several types. Some common ones are level term plans, increasing term plans and return of premium plans. Please note that the types of term insurance policies can vary across providers.

Financial coverage in case of policy holder’s death, low premiums, high sum assured, coverage for critical illnesses and income tax deductions are some of the benefits of term insurance plans.

Before buying a term insurance policy, please consider your age, your family’s expenses, future financial needs and availed loans (if any). It would be best to look at the maturity amount and policy tenure.