This statement is true.
Altruism is the belief that the well being of others is equally, if not more important than the well being of the self. It is a kind of selflessness, people who are altruistic act and behave in a way that it benefits others, they are concerned about others' happiness and well being and they do not expect anything in return for their actions. Some examples of altruism can be found in humanitarian project, where people volunteer to work for free in order to help the needy and the deprived.