Just like carrying an umbrella so you are not caught off-guard in case it rains - a Term Product is like having a special & large umbrella with enough room for all your loved ones, shielding them from unforeseen circumstances.
For example, let's say you choose a period (10, 20, or 30 years) during which you want your family to stay protected. In case of your untimely demise during that period, the insurance company will pay out the sum assured to your loved ones & safeguard them financially.
There are many different Insurance Policies and Plans available in the market, but all Life Insurance Plans in India broadly fall into 3 categories – Unit Linked Insurance Plans, Traditional Savings Plans), and Term Plans.