An income replacement term plan is a specialised type of life insurance designed to replace the policyholder's income if they pass away during the policy term. This form of term insurance provides financial stability to the policyholder’s dependents, ensuring that daily expenses, loans, and future goals are met even in their absence. Unlike traditional term plans that offer a lump-sum payout, income replacement plans deliver regular payouts, making it easier for families to manage finances seamlessly. Here is an overview of income replacement term plans, their features, benefits, and how they work to secure your family’s financial future.