Term plan is among the least complicated life insurance policies. The insured’s family receives a lump sum amount, called the sum assured in the event of the death of the insured. Otherwise, they offer no returns, i.e., they do not mix insurance with savings, unlike most insurance plans. This makes term plans the most easily comparable form of life insurance products and also a highly commoditised category within life insurance policies. Term plans, if bought online, cost even cheaper as they do not involve any intermediaries on the sale.