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The key distinction is that home loan insurance protects property, while term insurance protects a person's life.
The key distinction is that home loan insurance protects property, while term insurance protects a person's life.
TATA AIA LIFE INSURANCE POLICY
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Term life insurance plans are much more affordable than whole life insurance. This is because the term life policy has no cash value until you or your spouse passes away. In the simplest of terms, it's not worth anything unless one of you were to die during the course of the term. Then that's when you receive money.
A term plan can help you protect your loved one's future by offering a high cover at an affordable premium. This will ensure that no matter what, your family will be able to maintain the current lifestyle and continue to pay off the loans even in your absence.