Term insurance is the purest form of insurance where for a fixed premium, you cover yourself against any unforeseen contingencies. Term plan is also the cheapest form of insurance as it offers only protection and no savings. Further, these premiums are tax deductible under section 80C of the Income Tax Act, 1961, subject to provisions stated therein. While this sounds like an attractive proposition, it is natural to wonder if it is the perfect fit for you.
Before investing in term insurance, you should ask yourself these questions to make an informed decision.