Term Life Insurance (also called pure insurance) policies provide life insurance protection for a specific period of time. This means that the sum assured is payable only if the policy holder dies within the policy term. In this policy, there is no element of savings or investment. It is a 100% risk cover. It simply means that a person pays a certain premium to protect his/her family against his/her sudden death. This is the reason why Term Insurance policy comes at the lowest cost.