Time value is the difference between an option's premium and its intrinsic price. All options at Out of The Money and At The Money have a time value.
Time Value = Premium – Intrinsic Value
Intrinsic Value = Current price for underlying - Strike Prices
For put option
Strike Price = Intrinsic Value - Current price for underlying
The Option's time value will increase the longer it takes to expire. The expiration time is zero.