MANAGEMENT

Detailed explanation-1: -Term insurance is a life insurance product, which offers financial coverage to the policyholder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.

Detailed explanation-2: -Term life insurance guarantees payment of a stated death benefit to the insured’s beneficiaries if the insured person dies during a specified term. Term life premiums are based on a person’s age, health, and life expectancy.

Detailed explanation-3: -Generally, term insurance policies just pay a death benefit if the policyholder dies within the policy’s term. No benefit is given on maturity, i.e., if the insured survives the policy term. Return of premium term plans, on the other hand, reimburse premiums if the plan matures.

Detailed explanation-4: -Final expense life insurance Also known as funeral or burial insurance, final expense insurance is a type of whole life insurance that offers a smaller and more affordable death benefit designed to help cover your end-of-life expenses like funeral costs, medical bills, or outstanding debt.

Detailed explanation-5: -Term Life Insurance In this, the insurance provides a death benefit to the insured, i.e., if the insured dies during the mentioned period in the policy, the insurer will pay the specified amount to the beneficiary mentioned in the policy.