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In simple term, Life insurance is just like a contract signed by an insurance provider in which the provider guarantees to pay a certain sum of money in case of an insured individual's death. The insured individual pays a certain amount which is called a premium to maintain the policy.
4 basic aspects of Life Insurance
Premium
A certain amount which the individual pays towards the policy. It is an initial investment which offers returns in the future.
Death benefit/sum
The amount which insurer assures to pay to nominee/beneficiary of the policyholder after the policy holder's death.
Term
The time duration for which the insurance policy provides protection is called the policy term or coverage period.
Cash Value
The savings component of certain policies that grows over time, which can be borrowed against or withdrawn.
