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Understanding LIC Insurance terms

LIC Agent in Bangalore : Call or WhatsApp 9945689986 to buy new insurance policy online General Insurance Terminologies       We understand, when your are planning to buy your new insurance policy, with so much information available on the internet its difficult to understand all the insurance related terminologies used. We thought of simplifying this information for you. Here is a list of some regularly used terms and their meanings. Sum Assured (SA) : This is the term used to describe the life insurance or coverage.  The sum assured is the amount that the LIC will pay to the nominee if the insured person dies during the policy tenure. The sum assured is chosen by the policyholder at the time of purchase. Life Assured (LA): Life Insured or assured is the person who is insured. It is for whom the life insurance plan is purchased to cover the risk of untimely death. Premium: The premium is the amount you pay to the insurer (your life insurance company) to keep your l