A contract between an insurance company and a policyholder is life insurance. In exchange for premiums paid

during the policyholder’s lifetime, a life insurance policy guarantees that the insurer will pay a lump sum to the named beneficiaries if the insured policyholder cannot work.
Life insurance is a contract between an insurer and an insurance policyholder. The insurer promises to pay a certain amount of money in return for a premium upon the death or after a specified period. At Growth&Rise, we provide ICICI Prudential Life Insurance life policies, mostly which charges premiums for a term. In return, we give you a Life Cover. The Life Cover protects your loved ones by providing a lump sum payment in the event of an unfortunate event. You may be entitled to a Maturity Benefit at the policy’s end.
There are two basic types of Life Insurance plans –
1. Pure Protect
2 Savings and Protection

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About Life Insurance

Let's look at some terms commonly used in Life Insurance:

  • Life Assured is the person covered by the insurance policy.
  • The person who pays the premiums for the policy is called the Proposer. You are the Proposer and the Life Assured if you purchase the policy for yourself. Similarly, if you purchase an insurance policy for a family member, you are the Proposer, and the family member is the Life Assured.
  • Nominee/Beneficiary: This is the person you name when purchasing the policy to receive the benefits.
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Frequently asked questions.

This is the amount the Insurer will pay your Nominee in the event of an unfortunate incident.

  • Life insurance payouts are exempt from tax.
  • Your dependents won't have to worry about living expenses.
  • Life insurance can cover final expenses.
  • You can get coverage for terminal and chronic illnesses.
  • You Can Add to Your Retirement Savings With Policies.

These are the types and options of life insurance that India offers:

  • Term insurance
    • Term insurance with returnable premium
    • Unit Linked Insurance Plans
    • Endowment plans
    • Policy for money back
    • Whole-life insurance
    • Group life insurance
    • Plans for child insurance
    • Retirement Plans

We deal with the insurance plans of ICICI Prudential Life Insurance mostly.

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Insurer: This is the insurance company that sells life insurance policies.
Life Insurance: This is the amount the Insurer will pay your Nominee in the event of an unfortunate incident.
Maturity Benefit: The Insurer pays a lump sum to the beneficiary upon the expiration of the policy term. This amount is called the Maturity Amount.


Premium: This is the premium you pay to an insurer to receive the benefits of your insurance policy. One can make these payments throughout the policy, or once only, depending on the options you select.
Premium Payment Term: The number of years you pay the premiums is known as the Premium Payment Term.
Policy Term: The length of the Life Cover.