If the insured person happens to outlive the tenure of the policy, which all of you anyway want, the entire amount paid in the form of premiums will be forfeited without any benefits to the insured. It tends to create a mental block as it deals with the death of the person taking a policy. If a person meets with an unfortunate car accident while driving, he/she has to pay damage charges to the other party or the insurance provider will compensate him/her. On the other hand, if the person is a relatively safe driver and avoids any accident, the premium acts more like a hedge (cover) against any event that might/might not occur. Consumers resort to consulting their agent as they do not have the time to go through lengthy literatures. However, unless one is aware of the features of the insurance plan himself, he cannot make a buying decision. Some agents misguide as they prefer selling policies that get them higher commission. Premium rates are guaranteed only until the end of the term, without any option to renew the policy. You have to buy a new plan with higher premium. No insurance company offers term plan insurance to people older than 75 years. No term insurance plan is available for cover less than Rs 24 lakh, restricting it to a minimum premium that everybody cannot afford.