The term 'Sum Assured' refers to life cover or protection promised by a life insurer to a policyholder in exchange for a fixed annual premium as per policy terms and conditions. Based on the life cover an individual seeks, the premium payable in exchange also varies.

The premium paying term (PPT) determines how long a policyholder should pay the premium for an insurance coverage. There are several factors which affect the premium paying term and its outcomes. In this, article, we’ll discuss the premium paying term meaning, importance, types, and more.

Literary genius Oscar Wilde once said that ‘a cynic was a man who knows the price of everything and the value of nothing'. To draw parallels with life insurance, ask those families who have lost their loved ones and received life insurance payouts as death benefits. Their stories are those of survival and how timely financial planning by the deceased helped steady their finances in a moment of grief. They wouldn’t label insurance as an expense, rather an ‘investment’.

Literary genius Oscar Wilde once said that ‘a cynic was a man who knows the price of everything and the value of nothing'. To draw parallels with life insurance, ask those families who have lost their loved ones and received life insurance payouts as death benefits. Their stories are those of survival and how timely financial planning by the deceased helped steady their finances in a moment of grief. They wouldn’t label insurance as an expense, rather an ‘investment’.

A term insurance plan offers a safety net to your beneficiaries if you pass away during the policy term. However, a traditional term plan provides a lump sum amount, which might be challenging to handle. This is where a term plan with monthly income comes in; this plan provides your family with a guaranteed monthly income, which helps meet their daily financial needs.