Term life insurance provides life cover to the policy holder over the policy term. Term plans are pure protection plans; there are no survival benefits in term plans. For example, if you bought an Rs 1 crore term plan for a policy term of 20 years, your dependents will get the sum assured i.e. Rs 1 crore in the event of an unfortunate death. However, you will not get any maturity benefits, if you survive the policy term. The premiums of term plans are much lower than premiums of other types of life insurance plans.