Insurance(Term/WholeLife)
Definition
Term insurance provides pure life cover for a specified period at affordable premiums — if the policyholder dies during the term, the nominee receives the sum assured. Whole life insurance covers the policyholder for their entire life and includes a savings/investment component, but premiums are significantly higher than term plans.
Example
A 30-year-old can get Rs 1 crore term cover for approximately Rs 10,000-15,000 per year, whereas a whole life policy for the same cover would cost several times more.
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