It provides only life cover with the lowest premium comparative to other types of life insurance products. It's a contract to pay a death benefit on death of the insured if death occurs within a specified period which is called the term of the contract.

The term insurance plan is the most economical way to insure the most important years of your life. In exchange of the affordable premium, you are able to access death benefit and some insurance companies also provide the option of additional death benefit, which is paid in case of accidental death only. Moreover, you can avail tax exemptions on the premium paid.

While buying Life insurance plan, basically you are intending to cover the important years of your life, i.e., when you are earning. You should choose the number of years, which when added to your present age would result in the number of years when you would be retired or not be earning.

Generally, the age eligibility criteria to acquire term insurance ranges from 18 to 65 years. While the maturity age is maximum 75 years. The age-range to enter and exit such plan can vary from insurer to insurer. While you choose the term of the policy, you need to consider your age and the maturity age till what you can avail the term insurance and decide accordingly. For instance, you are 30 years old, while the exit year is 75, so the term of the policy can go up to (75-30) 45 years in your individual case. Now it depends on your choice of the number of years you choose for the coverage.

The term insurance riders are the provisions of benefits that you can attach to your basic term insurance policy. Basic term coverage may not fulfill your each and every life insurance need and you might feel the requirement to augment your coverage. Riders act as the coverage enhancers and you are charged to avail various term insurance riders which can be profitable in the longer stretch of life.

Yes, medical test is mandatory before acquiring the term plan. However, some online term plans do not ask for the medical tests and you might have to pay a higher premium for that coverage.