Life Assured : It is the person who is covered under the insurance policy

Proposer : It is the person who pays the premiums of the policy. For example: If you have bought the policy for yourself, then you are both the Life Assured as well as the Proposer. Similarly, if you purchase an insurance policy for a family member, then you are the proposer and the family member is the Life Assured.

Nominee or Beneficiary: It is the person you appoint at the time of buying the policy to receive the benefits of your insurance policy, in your absence.

Insurer : The insurance company that sells the life insurance policy is called the Insurer (for example, ICICI Prudential Life Insurance).

Life Cover : It is the amount that the Insurer will pay to your Nominee in case of an unfortunate event.

Maturity Benefit : For Protection + Savings policies, the Insurer pays a certain lump sum of money on completion of the policy term. This amount is known as the Maturity Amount.

Premium : A premium is the amount you pay to the insurer for receiving the benefits of the insurance policy. These payments can be made on a regular basis throughout the policy duration, for a limited number of years or just once, as per the options available under the policy you choose.

Premium Payment Term : The number of years for which you pay the premiums is known as the Premium Payment Term. Policy Term : The number of years for which the Life Cover continues.