When it comes to life insurance policies, you have a number of options at your disposal. From unit-linked plans to endowment and money back, there is a long list of options to choose from. Term insurance plans also referred to as protection plans. Such policies usually have a time period assigned to them, also known as the “ policy term” of the plan. In case the life assured dies during this policy term, the nominees listed under the insurance policy receives the sum assured of the policy.The sum assured of the policy is the coverage the policyholder agrees to at the time of purchasing the policy. It should be noted that term policies do not have a maturity value. This means that in case the plan completes its term and the life assured is still alive, no benefit will be paid to the nominee Due to the same, term plans are usually the affordable life insurance policies available to customers. Since term policies are usually the most economical way to ensure that you secure the future of you and your family, they are also popular in India.