Sirisha,

I partially agreed with you,because Test deliverables will 
be delivered to the client not only for the completed  
activities ,but also for the activites,which we are 
implementing for the better productivity.(As per the 
company's standards).
Here I am giving you some of the Test deliverables in my 
project.
1.QA TestPlan
2.Testcase Docs
3.QA Testplan,if we are using Automation.
4.Automation scripts
5.QA Coverage Matrix and defect matrix.
6.Traceability Matrix
7.Test Results doc
8.QA Schesule doc(describes the deadlines)
9.Test Report or Project Closure Report.(Prepared once we 
rolled out the project to client)
10.Weekly status report(sent by PM to the client)
11.Release Notes.