Others

The policyholder is a person who enters into a contract of insurance with the insurance company and is liable to pay the periodical premiums.

Nomination is the right given to the policyholder through which he/she appoints an individual or a family member to receive the policy moneys in the event of unfortunate death of the policy holder.

A nominee is person who is nominated by the policyholder to receive the death benefit/sum insured at the event of unfortunate death of the policy holder. The nominee is legally entitled to receive the proceeds of life insurance policy, upon death of the life insured.

Any policyholder/ insured who is not a minor can nominate for his/her policy. However, one cant nominate for a policy in which the life insured is of another person.

You are expected to pay all the premiums before the due date. However, if you miss to make the payment then you get a grace period of 15 to 30 days (depending on policy), and if you still miss the grace period then the policy would lapse. You can revive the lapsed policy by following the revival procedure of the insured company, which differs from company to company.

Maturity date is the day when the insurance policy contract comes to an end and the policyholder/ insured becomes eligible to receive the survival benefits. Under a whole term policy, the policy protection term continuous even after the maturity date.

The premium payment options available to you are: