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Term insurance is a contract between an insured policy holder and insurer. Term life insurance is Low cost and temporary insurance, which provides risk coverage for limited period of time (term - Number of years). After the time period expires the insurance company pays the benefit to policy holder. If the insured dies during the term, the death benefit will be paid to the Nominee specified by the insured person.
In term insurance the contract is valid for the payment of insured amount during the date of maturity or specified dates at periodic intervals, at the time of unfortunate death.
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