Term Insurance
Term insurance is a purest form of insurance. Earning profits on the paid premium is not the intention of life assured. This insurance covers the life of the policy holder at the minimum cost. Few companies provide the riders as toppings in the policy as well.
Term insurance is a policy that provides coverage for the specified time or as per the term specified in the policy. If insured dies during the time period when the policy is in force the nominee of the policy holder becomes eligible to get the claim.
One can get higher sum assured by paying comparatively very less premium in such a policies against those he or she may get in ULIP or endowment policies.
Premium paid in the policy is eligible to take tax benefit under section 80C of the Income Tax Act, 1961.