MANAGEMENT

Detailed explanation-1: -This is one of the types of life insurance policy in India that you can buy for a specific period of 10, 20, 30 or more years, hence the name. While some other types of life insurance policy offer maturity benefits, term insurance does not.

Detailed explanation-2: -A 30-year term life insurance policy offers coverage over a period of 30 years with a guaranteed cost. You pay the same amount to own the policy each month, and if you die before the 30-year term ends, the policy pays out a death benefit to your beneficiaries.

Detailed explanation-3: -20-year term policies cost less than 30-year term policies with the same coverage amounts. However, if you’re pretty sure you need coverage for 30 years, go with a 30-year term. The monthly life insurance premiums will be higher, but you will likely see cost savings over the entire three-decade span.

Detailed explanation-4: -One-year, short-term life insurance is designed for individuals just starting out with life insurance and those looking to fill a temporary gap in coverage (for example, if you’re between jobs). A one-year term allows you to quickly access ample coverage with a flexible commitment.