Term plans have always been the preferred choice of life insurance for many policy buyers. And this is not surprising, given how you can get high coverage and sum assured for quite affordable premiums. Pure term plans that come only with a life insurance cover are ideal if you only want to protect your family from financial uncertainties. The working of a term insurance plan is quite simple, and in case of unfortunate demise of the life assured within the policy term, the death benefit, will be paid out to your family.
Another important feature of a term plan is that they are extremely flexible regarding the sum assured, the policy term, premium payment options, and the choice of riders. Since so many people opt for term insurance plans, it is natural that the plans need greater variety to cater to the individual needs of different policy buyers. The premium payment is an important component of any life insurance policy and also offers adequate options for policyholders, and one of them is the single premium term insurance plan.