What is term policy

Generally there are two types of insurance cover provided by companies:

1)Term 

2)Permanent.

Term is coverage for a specific period time It is just pure insurance, meaning there is usually no cash value  benefit inside the policy, just a death benefit. That is if you take a term policy worth 10 lakhs for 30 years and pay the premium for 30 years and nothing happens to you in these 30 years you will not get any return. 

But the premium payed on a term policy will be less. 

Depending on the amount of coverage, you will most likely be required to take a physical/medical exam, the insurance company will possibly request your medical records from your physician(s)/ health providers and undergo an underwriting process by the insurance company. Once approved your coverage will be in effect as long as you pay your premium until the policy term expires