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Daemon Princes often act as lieutenants to the Greater Daemons of the Ruinous Powers as powerful warriors and forceful leaders capable of fighting at the forefront of a daemonic assault, However, true daemons consider Daemon Princes to be inferior, too deeply and irrevocably tainted by their mortal origins to best serve the Chaos Gods.
Chaos Lords are those men (and in rare cases women) who have sworn their souls to the Chaos Gods to become their Champions and are consumed with an overwhelming desire for power and domination.
A Daemon Prince is a human Champion of Chaos who has been elevated to daemonhood as a reward for his or her actions on the behalf of one of the major Chaos Gods or by the will of Chaos Undivided.
Daemon Princes have chosen to trade their humanity for the god-like power and immortality of a creature of the Warp.
This thirst for dominion over all will drive them to attain power by any means, no matter the cost to others or themselves, though if they ever fail the Chaos Gods, they are sure to receive terrible punishments.
They prove so successful in their pursuit of the Ruinous Powers' goals that they are granted enough power to command whole legions of Chaos forces, including other Champions of Chaos.
Daemon Princes combine the brute strength of daemons with the combat skill and tactical acumen of Space Marines.
However, if the Champion fails in the eyes of their God, their lives and ambitions end as they are cast aside and instead descend into the mutant state of a Chaos Spawn.
Since Daemon Princes have been transformed into semi-autonomous extensions of the Chaos God they serve or of Chaos Undivided, they are now entities of the Warp and can never truly be killed in the material universe, only banished into the Immaterium for a specific amount of time, usually 1,000 standard years.
Essentially, Daemon Princes will exist for as long as Chaos is a force in the universe.