What is term insurance? Is it an insurance with lesser premium?

Like the name suggests it is insurance for a specific term or period of time. In this since there is no investment cash value doesn’t exist ie during the insured period if the policy owner dies, his dependants will get the insured amount along with interest. But if the policy owner completes the said period he will not receive any money from the insurance company.
This policy has to be renewed from time to time for the benefit of the dependants. But the benefits cannot be availed for the entire life time. Usually this can be  availed during the age of 55-60 years. For lesse premium higher insurance amount can be availed and it covers the entire life time.

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