Term insurance 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.
This is one of the most affordable type of life insurance. While some other types of life insurance policy offer maturity benefits, term insurance does not. It is one reason why term insurance, being the best insurance policy in India, is comparatively cheaper than other types of life insurance schemes. Term insurance is pure life cover, unlike other types of life insurance policies which have a saving component. You can also opt for a significant life cover at a lower premium as compared to other types of life insurance policy which are costlier but have built-in saving components.