Term insurance is a pure protection plan that does not pay any maturity amount in case the life assured survives the policy term. This often discourages people from buying term insurance. However, you should remember that it is because of this very feature that insurance firms are able to offer term insurance at such low rates. Term insurance plans are very cost-effective with a ₹ 1 crore plan starting at as low as ₹ 485 p.m.*.