What is the meaning of Face value?

Face value, also known as par value, is the dollar value of a bond, generally $1, 000. That is the amount to be repaid at maturity, provided the issuer doesn't default, and is frequently the amount you pay to buy the bond. However, bonds can be sold at a discount, or less than face value, when they are issued, and either at a discount or at a premium, which is more than face value, in the secondary market. In any of those cases, however, face value is repaid at maturity. The death benefit of a life insurance policy, which is the amount the beneficiary receives when the insured person dies, is also known as the policy's face value.