What is Term Insurance?

Term Insurance, also known as pure life cover, is the cheapest and the simplest form of insurance. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the sum assured in event of your premature death. However, if you survive till the end of the policy term, nothing is payable to you. This policy has no savings component and the premiums you pay are purely a cost to buy you life cover. For example,

This is suitable for you if…

  • You are looking for a low cost life cover without any savings benefits attached. Or
  • You are at that stage in life where insurance cover is vital but you cannot afford high premium payment due to low income.