Term insurance is a type of life insurance policy which provides coverage for a certain period of time or specific term of years. It is one of the oldest and most basic form of life insurance plans.They provide a high life insurance cover amount for a comparatively low premium payment, which facilitates the insured to financially secure their family.In case of death of insured during the time period specified in the policy, their family gets a pre-decided amount, known as ‘death benefit’ or ‘sum assured’. No settlement is given if the insured survives the policy tenure. It has a pure life cover, which means there is no savings or profit component. It has no cash value. Basically, the insured purchases peace of mind and risk cover by investing through this insurance.