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Term insurance is the most basic type of life insurance because it covers you against the risk of death alone. The beneficiary is paid a lump-sum amount called the death benefit in case you die before the end of the tenure period. You do not receive any benefits in case you survive the term.

Whereas, a savings insurance plan not only provides you with a protective cover but also allows you to build your savings and accumulate a corpus for your future needs. There are products like ULIP, Endowment Plan and Money Back Plan which allow you to receive a steady flow of income as they invest your money in different investment tools as per your capacity for risks. The returns will most probably vary depending on the type of plan you have purchased, but you will surely get to build a corpus which will allow you to enjoy your long-term goals.

To understand which is better than the other we first need to look into their aspects.

Term Life Insurance PlanSavings Plan

Only insurance cover.

Provides both insurance cover and investment options.

Lower premium options.

Premiums are expensive.

Only death benefits available to the beneficiary specified.

death/maturity benefits available for long term goals.

No maturity benefits available.

Maturity benefits available.

No returns are available.

Returns are available as per your plan and your capacity of risks.

Compare the features and premium costs of both the types of plans and choose as per your needs.

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