A term insurance policy provides financial security to your family by offering a lump sum payout in case of the policyholder’s unfortunate demise during the policy term. It ensures that your loved ones are financially protected to cover living expenses, repay loans, or meet future goals, even in your absence. Term insurance is one of the most affordable forms of life insurance and is also governed under the Insurance Act, 1938 and regulations issued by the Insurance Regulatory and Development Authority of India (IRDAI).