Before We see benefits of term plan, Let recall something. You might have seen a video on YouTube that exactly explains, what is going on in a person’s mind as soon as he comes across a situation that can cause him a sudden or unplanned death. All he thinks and worry about is, his kids, wife and parents. All the dreams of beautiful and happy life, he wanted to give to his family are shattered in few seconds because you will not be there to make it happen. That fear and sense of feeling is breath talking.
You being not there will make things even worst. What if they are not able to meet their daily needs and don’t have money to survive. A self less person who only thinks about his family in case of such situation, will not want to take a chance on his family’s survival after his death.
This is where the Term plans kick in. Term plan basically is insurance of your depends in case of you absence. If you have subscribed to a term plan the insurance company grantees a lump sum payment of sum assured to your family. This amount is very huge based up on the premium you are will to pay.