'Term' in Insurance means the time period for which there's contract of agreement between the 'Insurer' and the 'Insured' for covering a specific risk of loss (e.g. loss due to death, loss due to accidents or robbery, etc) on payment of a certain consideration called 'Premium'.
'Insurer' will be an Insurance Company either public or private company. In India, all Insurance Companies [e.g. Life Insurance Corporation of India (LIC), ICICI Prudential Ltd, TATA AIG, etc] are governed by IRDA.
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