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Term plans are cheaper than other kinds of insurance because of their lean cost structure. In term plan’s premium only administration expenses and the mortality charges are covered. There is no savings element in the premium charged to the insured. As a result of this, if the insured were to survive the term of the plan, he gets no returns. In fact the premiums paid towards this plan are entirely written off if no eventuality occurs during the tenure of the plan. Only in case of an eventuality your nominee will receive the sum assured.Read less