Why to buy life insurance - what's the use of life insurance - how it's going to use in life - what's the significance to life - how it's going to change life.

Why to buy life insurance - what's the use of life insurance - how it's going to use in life - what's the significance to life - how it's going to change life.

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Common Term uses in life insurance policy. 

Following fields mentioned on life insurance premium policies. 

Following things mentioning on lic policy document.

  1. Date of commencement:- These is purchase date. At what dd/mm/yyyy is buy policy that specify in policy document. 
  2. Table - Term:- Name of Plan is giving some number. Some numerical digit refer as Table and Term means at what period policy is purchase. Time frame mention in policy document. No.of years policy period specifically mention. 
  3. Sum assured:- This is refer as Risk cover of policy. Some amount is specify on which bonus added every year. 
  4. Nominee:- This is amount goes to nominate person after death happens then money entitled to get to legal heirs name mention on policy document. 
  5. Date of maturity:- Once the period of policy gets over then at the time of maturity, policy maturity amount goes to policy holder. 
  6. Survival benefits:- At the specific intervals, money back of plans called as Survival benefit . As policy holder survive then some amount goes to policy holder in terms of survival benefit in some duration after some interval term of policy.
  7. Policy holder name and address is mentioned in policy document. 
  8. Premium:- This is amount you choose to pay to life insurer. Once, you take policy then for your risk coverage, you pay some amount to Corporation. This is called as 'Premium ' amount.This, you have to pay till period of time. 
  9. Mode of payment:- Following premium you pay in Monthly, Quarterly, half yearly , yearly or single - one time mode of payment to life insurer. 
  10. Due date:- This is date at which Premium you have to pay. One month grace period you will allow to make payment to insurer .
  11. Policy no :- This is most important and whenever you would like to transact with life insurer for any help, you have to give Policy number which is Nine digit number. Any service point of view, you need policy number after that only you will able to seek any help from life insurance company. All works of life insurance company based on policy number only. 
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