A term plan is the classical life insurance product which covers the risk of life of an individual. This vanilla product has no maturity benefit – which means that if the individual lives for the duration he/she has been covered for, there is no payback due to the insured person.
The Life Insurance company pays the beneficiary only if the individual dies within the policy coverage period.
Since term plans do not provide additional returns or benefits, they are also priced one of the lowest, amongst all the Life Insurance products. Term plans can be single-premium or regular premium payment ones.
Most financial advisors would recommend that you have atleast a decent term plan in your portfolio. If you still do not have one, you could compare the online term plans right here and find the one best suited for you