Long Term Insurance plans have premiums that are lower than other types of life insurance policies. The reason for this is because there is no investment component to the policy and thereby, the entire premium goes for covering the risk.
In most of the policies do not have maturity or survival benefit once the policy term ends. However, some insurance companies offer term plans which offer to return the premium paid if the policyholder survives.
These plans are subscribed to secure a family’s need in case of death or uncertainty. This is more in the relevance of managing the risks associated with large investments.