If you are in the market for life insurance, a term insurance policy is the cheapest product to buy. And to add convenience to your buying experience, most insurers now also offer it online. Term plans have gained some traction with the online platform, and as with everything else, gaining popularity has led to more innovations.
The straightforward structure of a term plan—the nominee gets a sum assured on death of the policyholder during the policy term and nothing if policyholder survives the term—is not the norm but just a variant nowadays. There is a lot of customisation in the way insurance money can be given to the nominee.
