Filling In The Current Vacuum

Over the last couple of years, there has been a lot of talk about term insurance. While the importance of life insurance cannot be stressed more, term insurance assumes a special significance as it offers a lump sum amount to the policyholder’s family in case of a mishap, most of these policies are of high value. But for the money-conscious India, a term insurance always comes with a rider. While it promises a large lump sum in case of the policyholder’s demise, there is no reward or return in case he or she survives the term of the policy. In that case, the premium that a policy buyer pays through several years is lost. Madhu Burugupalli, Head of Products, ICICI Prudential Life Insurance Limited, stated, “Pure term insurance plans are protection products and offer a route to provide financial security to the family by making a lump sum payout upon demise of the...