Article

Policy Term
June 07 , 2012

Policy Term in an insurance policy refers to how long the policy is in force. Most general insurance products (like medical or motor insurance) have policy term of only a year or two. They need to be renewed regularly for every such period. Life insurance policies, on the other hand, often having much longer terms spanning a couple of decades or more.

The Policy Term may or may not be same as the duration for which premium is paid. Indeed, the benefits of the policy can extend long after premiums have been stopped. Of course there is no free lunch: the premium paid earlier is drawn down to provide the life cover and other benefits in keeping the policy in force.

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