Life Insurance - Important Terms


Term/Policy Period -This is the time period you have the insurance cover.It is flexible and you can choose your term

Sum Aassured/Insurance Amount/Cover - The amount of insurance you want or have taken, the amount payable by the insurance company

Death Benefit - The amount your nominee will receive after death during the term of the policy before the policy expires

Primium Paying Term - The time period for which you need to pay the insurance premium

Primium - The amount you need to pay for the insurance policy to keep it alive

Maturity Benefit - The amount you will receive at the end of the insurance policy term

Bonus - The amount declared by the insurance company on your policy

Riders - Additional benefits which you can club along with your insurance policy by paying additional premium

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