Premium:
This is the amount that should be paid to the insurance company by the policy holder to keep the contract in live. According to the policy conditions if the policy is not being paid your policy may expire.
Policy Term:
This denotes a period for which the premium has to be paid to keep the policy in live according to the policy conditions.
Maturity Sum Assures or SA:
This is the amount that will be returned by the insurance company after the specified policy term.
Riders:
This is a small additional amount that will be paid by the policy holder along with the premium for extra benefits. For example if a policy holder wants his nominee to get double the SA if his death occurs due to accident then he should take the Double Accident Benefit rider that can be taken at a low cost.
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Great post. You have shared all the main terms that one should be aware of while going to buy a policy to know much better. The buyer should do a pre study of the insurance policy that he is going to buy to avoid any kind of confusion and clearing all the things.
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