Find term beginning with the letter L...

Lapse

A lapse is the end of the benefits or privileges applicable under a policy. It happens due to the non-payment of premium or any inactivity.

Lapsed Policies

Lapsed policies are the life insurance policies for which no premium is paid for renewal either on the due date or within the grace period.

Life Annuity

Life annuity is the financial instrument that comes with a predetermined periodic payout amount until the annuity owner (annuitant) dies.

Life Assured (Insured)

Life assured is the person whose life is protected under the contract of insurance policy. The contract of insurance is valid between the insured and the insurance company.

Life Expectancy

Life expectancy is defined as the average period that a person may live. It is the number of years that a given person is expected to live.

Lock-in Period

Lock-in period is the time period for which the investment or the invested amount cannot be withdrawn or sold. The period is commonly used for ULIPs, mutual funds, etc.

Loyalty Addition/Guaranteed Addition

Loyalty additions are the additional payouts that the insurance companies offer to their customers for continuously paying premiums when they are due.

Lump Sum Benefit

Lump Sum Benefit is the amount of money paid all at once. For example, a life insurance policy pays a lump sum benefit on the policy maturity and the death of the life insured.

Lock in Period Meaning

Lock-in period is the time period for which the investment or the invested amount cannot be withdrawn or sold. The period is commonly used for ULIPs,mutual funds, etc.

Loyalty Addition/Guaranteed Addition

Loyalty additions are the additional payouts that the insurance companies offer to their customers for continuously paying premiums when they are due.