Under it life is insured for a limited or definite period say, 7 years, 10 years, 20 years and so on. If the insured dies during the period insured the amount of the policy will be paid to his heir or heirs immediately and no premium will have to be paid any more even if he dies right after paying the first premium. If he survives the whole period the policy will determined at the end of the specified period. The main advantage of this type of policy is its low premium.
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