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What is the difference between a renewable term life insurance policy and a fixed term insurance policy?
Wiki User
∙ 11y ago
The basic difference between a renewable term insurance policy and a fixed term insurance policy is that in the former case premium is payable as per mode chosen for till particular period, whereas in fixed term insurance policy premium has been paid on single or one time basis for a fixed period. However there is no deviation from the basic principle of whole life policy wherein no amount is paid on maturity, only when any eventuality arises during the policy period, the entire sum assured amount is payable by the Insurance Company to the nominee of the deceased person.
Wiki User
∙ 11y ago
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