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A life insurance policy is a very crucial document, defining the financial protection that your beneficiary/loved ones would be entitled to receive in case of your unfortunate demise. Now, this document contains a number of terminologies, not all of which are familiar to a layperson. It is however important to understand the basic essence of some of these terms commonly used in a life insurance policy so that you know what it entails for you and your loved ones in your absence.
To make things simpler for you to understand, we list here a glossary of life insurance terms, most of which are often seen in every policy document
A term insurance plan is a life insurance policy that offers you financial coverage in case of loss of life during the term. You pay a yearly premium against the policy to the insurance company. This policy gives death coverage to the policyholder and offers the sum assured to the family or next of kin.
Here are some of the most popular and commonly used terms used in life insurance plans. We hope that this glossary will help you understand the life insurance terminologies better and make an informed and educated decision before buying a plan.
Read More: Types of Life Insurance Policies in India
Wrapping Up
The terms mentioned in this blog are just some of the many terminologies used by most life insurance companies in India. In case of any doubt, make sure to enquire from your insurer. You can look for the best life insurance policy offered by the Life Insurance Corporation of India (LIC) online and choose the one that ideally meets your financial requirements.
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Life Insurance Corporation (LIC) of India is one of the oldest and most renowned insurance companies in India, serving customers for over 6 decades now..
Life insurance secures our families against unforeseen incidents, the armed forces protect the country against unseen enemies both within and outside the borders. Army sacrifices.
Updated on Jan 22, 2024 Life Insurance Corporation (LIC) of India presents a wide array of insurance products and service options to its customers. With.
India’s leading public sector insurer, LIC, is synonymous with security and trust. LIC has been serving Indian customers for a long time now. With a.
The insurance business is evolving with everything becoming digitized, and so is LIC or Life Insurance Corporation of India, the most prominent public insurer in.
There are many policyholders who apply for policy cancellation just after a year of purchasing the plan. Why is it so? People generally buy insurance.
LIC is a public sector insurer that caters to the common people, including the rural population. LIC offers several cost-effective policies with attractive features and.
LIC, a market leader in India’s insurance sector, is known for its years of dedicated services toward customers, which has gained the company the reputation.
“What would happen to my family if I had to leave the world unexpectedly?” This is one question that strikes us all at some point.
Updated on Dec 29, 2023 Life insurance policies are a kind of security that people buy to protect their family members against the uncertainties of.
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