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TERM LIFE INSURANCE
A term life insurance policy is typically a low-cost insurance policy that guarantees to pay a lump sum in case of the policyholder's death during the term of the policy. Once a policy is issued, the premium will stay constant during the life of that policy.
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Premiums you pay are eligible for tax deductions under section 80C of the Income Tax Act.
No benefit is payable on the survival of the policyholder to the end of the policy term.
Term life insurance policies do not acquire any surrender value throughout the policy term. Therefore you will not get any payout if you end the policy before the policy term, for example, by not making your regular required premium payments. Term life insurance is cheaper but needs to build up value.
Whole life insurance is more expensive but builds up value. Whole Life has the advantage of having a built-in savings program, but you lose a lot of money to high commissions. Buying term life insurance and investing the money you save in an IRA, 401K, or mutual fund is usually better.