As per my textbook, “a body like a ring or sphere rolling without slipping over a horizontal plane will suffer no friction in principle. At every instant, there is just one point of contact between the body and the plane, and this has no motion relative to the plane“
I could not understand how the point has no relative motion with respect to the plane… as the object moves, the point of contact will also move on the plane. So there should be relative motion between the point and the plane.
The contact point doesn't slide along the surface - it is simply lifted above it and is replaced by the next point. However, the (static) friction is present - it prevents the point from slipping and thus effectively makes the wheel rotate.
The "point of contact" is a mathematical concept. It does not have any mass, so it is not, strictly speaking, a physical object.
Two other things relevant that you didn't ask but are relevant for understanding.
A wheel does have friction, on the axis.
Ans rolling body will deform even so slightly, but the deformation requires work and draws energy, converting it to heat. For that reason, a high pressure in the tires of your car or bike is better than a low pressure.
Imagine a small car sitting on flat pavement. The car is in neutral, and the wheels are straight. The goal is to push the car as far as possible in one minute time.
You would likely choose to push the car in the direction that lets the wheels roll. It would be much more difficult to push the car sideways. Why?
If you push sideways, you are initially dealing with the static friction of the car and attempting to slide the points of contact between the wheels and the pavement (kinetic friction). You push the car an inch, and the $\it{same}$ points of contact are moved an inch.
If you push so that the wheels can rotate, there are still 4 points of contact, but when you push the car an inch, these points are at different locations on the wheels than when you started. By pushing on the car you've caused the wheels to pivot about these points. Because the ground is flat, you have to keep pushing for the wheels to keep pivoting. If the ground were an inclined plane, the wheels would continue pivoting on their own (due to gravity), with the points of contact being translated to different locations down the plane, but to the points of contact, they are not sliding with respect to either the wheels or the pavement, and therefore there is no friction other than static friction.
Consider the frame where the wheel is not translating (i.e. the one that is traveling at the same speed as the wheel).
The bottom of the wheel moves at velocity $v = -R \omega $.
To go back into the laboratory frame (where the wheel is moving again), first note that when a wheel is rolling without slipping, its translational velocity is $v = R \omega $. If this is not obvious, keep in mind that when the wheel rotates $2\pi$, the wheel travels a distance equal to its circumference, or $d = 2\pi R$. Therefore, $d = R \theta $, and differentiating gives $v = R\omega$. Now going back to the laboratory frame, each point on the wheel has an added velocity $v_T $ so $ v = v_{cm} + v_T$ and for the point at the bottom of the wheel, $ v = -R \omega + R \omega = 0 $, hence it is at rest ( of course until the pivot point switches instantaneously). Static friction will only act if there is a force trying to cause relative motion between the two surfaces, which there isn't in this case. 
