Term Plan is an insurance product that provides financial shelter to the beneficiary of the policyholderfor a limited period of time. The beneficiary, who normally is a family member, can claim death benefits in case of demise of the policyholder from an insurance company. This is because the best life insurance term plans are designed to protect the family of a policyholder financiallyduring the term of the policy. The payout of the benefits can be lump-sum, monthly or a combination of both depending on the requirements. This makes term insurance plan one of the simplest ways to financially secure ones family in your absence.