wp_editor doesn't work in taxonomy add page

I have added a custom field in taxonomy create page.

$settings = array('wpautop' => true, 'media_buttons' => false, 'quicktags' => true, 'textarea_rows' => '15', 'textarea_name' => 'term_meta[product_long_desc]', 'teeny' => true );
                    wp_editor(wp_kses_post($term_meta['product_long_desc'] , ENT_QUOTES, 'UTF-8'), 'product_long_desc', $settings);

The problem is when I first add a category then the long description doesn’t work.But when I click the category and edit the long description from category edit page then it works.

add_action( 'created_product_cat', 'save_taxonomy_custom_meta', 10, 2 );
add_action( 'edited_product_cat', 'save_taxonomy_custom_meta', 10, 2 );

function save_taxonomy_custom_meta( $term_id ) {
    	if ( isset( $_POST['term_meta'] ) ) {
    		$t_id = $term_id;
    		$term_meta = get_option( "taxonomy_$t_id" );
    		$cat_keys = array_keys( $_POST['term_meta'] );

    		foreach ( $cat_keys as $key ) {
    			if ( isset ( $_POST['term_meta'][$key] ) ) {
    				$term_meta[$key] = $_POST['term_meta'][$key];
    			}
    		}

    		// Save the option array.
    		update_option( "taxonomy_$t_id", $term_meta );
    	}
}

My wordpress version is 4.2.2. I checked that the value of product_long_desc
is empty in post. If I use a normal text area then it works.

I can’t track where the problem is. The same code works in category edit page but not from the addition page.

Any help is highly appreciated. Thanks in advance.