The primary elements of life insurance products are `death cover' and `survival benefit'. The two basic plans of life insurance catering to these two respective aspects are `term assurance' and `pure endowment'. Any number of products may be developed by changing, adding, or altering these features.

Life insurance products are usually referred to as `plans' of insurance. These plans have two basic elements. One is the `Death Cover' providing for the benefit being paid on the death of the insured person within a specified period. The other is the `Survival Benefit' providing for the benefit being paid on survival of a specified period.

If the breadwinner dies, the income to the family ceases. If the breadwinner does not die, but retires from service, even then the regular income to the family ceases. Thus, life insurance has to cover both the contingencies of death or survival. They are mutually exclusive.

The needs for life insurance are different. They vary according to contingency provided for according to age, family size, etc. Each plan of insurance provides for a kind of need. 

The main plans of life insurance are two. Plans of insurance that provide only death cover are called `Term Assurance' plans. Those that provide only survival benefits are called `Pure Endowment' plans. If the insured does not die within the specified period, no payment is made under a term assurance plan. Similarly, if the insured dies within the specified period, no payment is made under a Pure Endowment plan. Both these are like Fire Insurance Policies. If the specified contingency does not happen, the policyholder does not get anything from the insurer.

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