Term insurance is a pure risk product. It provides specific amount of coverage for a specific period of time. It is the cheapest form of life insurance. In case of death of the policyholder, the nominee gets the sum assured. However, in case if policyholder survives the policy tenure, there is no maturity or survival benefit. In other words, in case of insured surviving the policy term, he will have to forgo the entire premium. Term insurance provides very high coverage at very low price.