Term insurance is the cheapest and purest form of insurance which can help you take a large cover at a relatively lower cost. If you die during the term, the nominee gets the sum assured but if you survive the term, there is no pay-out. “Given today's lifestyle, it's all too easy to be diagnosed with a terrible illness, sustain an unexpected injury, or even die. Your life insurance policy can protect you from all of these eventualities by ensuring that your family's lifestyle is maintained even if you lose your job. In the last two years, we all realized the importance of having financial security in the form of insurance,” says Santosh Agarwal, chief business officer of life insurance, Policybazaar.com.