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Randon James Morris | Different Types of Life insurance Explained

    Randon James Morris
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    • 5/5 (1 votes)
    By Randon James Morris
    Randon James Morris | Different Types of Life insurance Explained
    https://myspace.com/randonjamesmorris


    Randon James Morris : A term plan provides death risk cover for a specified period. In case the life assured passes away during the policy period, the life insurance company pays the death benefit to the nominee. It is a pure risk cover plan that offers high coverage at low premiums. There’s no payout if the life assured outlives the policy term. However, these days there are companies offering Term Plans with Return of Premiums (TROPS), where insurance companies payback all the paid premium amount in case the life assured outlives the term period. But, such plans are costlier than the vanilla term insurance plan.
     

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    5/5 (1 votes)