Term Insurance is the most basic form of life cover. Going by the simplest definition, it is a fixed-term contract between you and the insurance company, under which you pay regular premiums and the company agrees to pay your nominee a lump sum in case you are no longer there.
Getting a Term Insurance is an important step in your financial planning because in case of your demise, during the policy term.It is the number of years the policy will be active., it will financially safeguard your family and help them maintain their lifestyle & take care of liabilities in the form of loans etc.
Term Plans can be extended to include disability & death due to accidents by opting for riders. A few term plan variants also come with the option of monthly income along with the lump sum payout, further helping your family with day-to-day expenses.
Jagmohan Garg more details; http://www.maxlifeinsurance.com/knowledge-centre/term-plan/ask-yourself-you-need-term-insurance.aspx?utm_source=outbrain&utm_medium=referral&utm_campaign=cookie+pool_awareness&utm_content=This+is+why+investing+in+Term+Insurance+is+importa&utm_term=00b7e3e90dcf0e9048893437aa244001e4