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From rupeeratna

A person may choose a higher life cover for the same premium as an endowment plan because term life insurance products are less expensive. For instance, a 30-year-old can get a term plan by paying a premium with a cover of Rs. 1 crore for a 30-year term.
Most people under the age of 30 will likely be ineligible for the Rs 1 crore endowment plan. However, it is more practical to get a term plan for a comparable protection.

Some insurance providers give the customer the choice to increase the life insurance throughout crucial times in their life. For instance, the policyholder could be able to increase their life insurance coverage by 50% when they get married and by 25% when they become parents. This enables him to begin with a basic level of coverage and expand it as his obligations grow and his ability to pay a higher premium increases.

Numerous tax advantages may also come with purchasing term insurance. The sum assured that a policyholder gets following the plan's maturity is tax-free under section 10 (10D) of the Income Tax Act*; this also holds true in the event that the individual insured surrenders their policy or passes away. In addition, under section 10 the bonuses earned together with this sum are likewise tax-free (10D).

When you sign up for a policy, you must pay a predetermined sum to the selected insurance company in order to be eligible for benefits. According to your convenience, you can select monthly, quarterly, or annual payouts. This guarantees that, in the event of the policyholder's passing, the beneficiary will receive the death benefit. It could be distributed in one lump sum or over a period of time equal to the sum assured.