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Policy tenure in insurance

The term policy tenure is the duration for which the policy provides insurance coverage for the policyholder. Usually, the policy tenure varies from one to 100 depending upon the plan and type of insurance. In the case of health insurance, it is usually 1-3 years whereas in life insurance it usually goes up to a maximum of an entire life. Policy tenure is also referred to as policy term or policy duration. The term of the policy has to be decided on the factors like the financial dependence on the policyholder.

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