Example for intrinsic value being lesser than STT given in the below post:
And options strategies which involve options buying: Long straddle and Long strangle among others.
Long straddle = buy ATM Call and buy ATM Put - in 1:1 ratio of same strike, same expiry, same underlying
Long strangle = buy OTM call and buy OTM put - in 1:1 ratio of same expiry, same underlying