Hey Guys, we have been waiting for this quite long to get some thing like Team for Free. After the Yammer, here Microsoft Announce the Microsoft Team Free. You can use this Free Microsoft team for the organization which do have less than 300 users. If you do have more than 300 Users you need to go for Paid.
Follow the link to activate your Microsoft Team for free.
Although there are various paid features of Team, you can compare as of below.