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term plan refers to a type of insurance policy that provides coverage for a specific period or term, usually a fixed number of years. It is a contract between the insurance company and the policyholder, where the policyholder pays regular premiums in exchange for financial protection during the term of the plan. If the policyholder passes away within the specified term, their beneficiaries receive a payout or death benefit from the insurance company. However, if the policyholder survives the term, there is no payout or benefit at the end.
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