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Life Insurance
Hello Pavnesh, Term life insurance is a type of life insurance policy that provides coverage for a specific period of time, usually ranging from 5 to 30 years. It is a pure life insurance cover that offers a high sum insured at low premiums. The premium will depend on your age and the assured amount you pay. Typically, for the same amount of sum assured, the premium will be lower for someone who buys the policy at a younger age than their older counterpart. The premium gets locked for the entire policy term at the rate you purchase the policy. It is advisable to take a term life insurance policy until the age that you have liabilities (e.g. children's education, marriage, loan repayments, etc.). While pure-term life insurance policies do not usually provide maturity benefits, they effectively ensure that all your liabilities are effectively met in your absence without having to shell out high premiums as in traditional life insurance. Nowadays, however, there are some term life policies with a return of premium option as well.
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