Firstly and foremost, you must know that options are available in a wide range of maturities. You can get options that expire in 1 month, 2 months and 3 months. There are also long term options in case of indices and you also have the choice of weekly options on the Bank Nifty. Of course, liquidity is still concentrated in near month contracts.

Secondly, there are calls and there are puts; the two ends of the option spectrum. Call options give you a right to buy and put options give you the right to sell. In both the cases, the buyer of the option only has the right but not the obligation to buy or to sell. For this right without obligation the buyer pays a premium to the seller of the option. This premium is a sunk cost for the buyer of the option. That is the price that you pay for getting a right without the obligation.

The good thing about buying options is that option premium is your only cost. Since the premium paid by you on a call or put option becomes effectively your maximum loss, there is only a premium margin that you need to pay initially. An option buyer does not need to worry about MTM margins which are payable in case of futures or even case of selling of options.