Term life insurance is cover provided under an agreement to pay a death benefit (the sum assured) only if the death of the insured occurs during a specified period of time; that is the term covered by the policy. This scheme covers the insured employees against both accidental and natural death.
The insurance cover remains enforce for selected period of time, i.e. 5 Years, 10 Years or any as selected. The sum assured would be payable in case of death to the beneficiaries of the insured member during the policy term.