2.Term life insurence

term life policy is affectd for short term. If insured person lives until th term of insurance, th policy amount is
is not paid. But if the insured prson dies within the term of insurance, the policy amount is paid to the nominee
a.Straiht term life policy
this policy is a temporary policy and issued gnrally with not more than two years of maturity. Under
this policy, th sum of assured is payable only at the dath of insured prson if he or she dies during
the assured period.
b.Renwal term life policy
Thse type of term life policies are renwable. They can be renwed for the next term after the exipry
of given term. Such renwal can be continued until the age of insured reaches to 55 or 60 dpending
upon diffrnt life insurance companies.
c.Convertable term life policy
Under this policy th policy owner is given an option to convert these th policy into whole life or
endowment policy.After thse conversion new policy under fixed payment whole life plan or
endowmnt plan will be issuedand th amount of premium is fixed as per the age attained.