Explain that the sooner you buy a term plan, the less expensive the premium will be for you. The term plan period is between 5 to 30 years. If you buy it at the age of 20, then you will have to pay less than the premiums to be charged at the age of 30. Which is why it is the cheapest insurance plan with maximum profits. A term plan is a risk-cover plan that helps the beneficiaries by giving insurance money to the beneficiaries upon the death of the policyholder. There is no maturity value for this term plan. But, at an untimely death, it plays an important role.