This article is published under http://deltalifeinsure.com where you will able to find the best rates on the life insurance and all the term life insurance have been explained in detail for our customers so that they can understand easily.
Finding insurance at first glance could be tricky or a tedious task, that from where and which policy to purchase so that they save huge on their auto insurance policy, here are some of the simple terms through which your work will become much easier to understand:-
- The life assured- Life assured is something under which the person who has purchased the insurance, like say for 50 lakhs, and if the person insured die then the nominee will receive the amount.
- Premium- Premium is the amount of money which the insured person gives monthly, annually, quarterly or bilateral.
- Policyholder- The policyholders are parents and the children are always the life insured, the parents usually take out the life insurance policy for their children.
- Renewal- when the policy gets matured, you are always given the option for the renewal of the policy.
- Grace period- Grace period is the period which is given for 30 days, sometimes people pay out other heavy expenses which are more important than the life insurance premium, for that insurer gives them a period which is known as a grace period.
- The assured amount of sum- This is the amount of money which the beneficiary receive upon the death of the life insured, this amount is also known as claim amount.
- The benefit to the survival- If the policy term overs, and you still survive, in this case, you receive a survival benefit, this means if you don’t die then you will surely receive the premium which you paid back with other benefits.
Life insurance is for those who have dependents the nominee receives the beneficiary amount either in installments or on whole, this will ensure that the dependent has some or the other source of income when the life insured Is no more, overall if you are not insured go and insure yourself to get the best quotes online you may visit http://deltalifeinsure.com to get the best plan online.