Term Insurance is a product offered by Life Insurance companies, which pays the Sum Insured ONLY in case of death of the Life Insured to Nominee, along with Accident Benefit (if the LA dies in an accident and if Accident Benefit is opted for and is accepted by the Insurer).
There is no 'Maturity Value' or bonus for this policy. At the end of the term, nothing is payable.
But this should not be a deterrent while buying a Term Plan. We pay premium for our vehicle insurance promptly every year but even there we do not get anything. Are we less worthy than our Bike or Car ?
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