Lapsed Policy
A policy, which has been terminated due to non-payment of premium dues and hence is no longer in force.
Life assured
The person named in the plan schedule and, on whose life the plan depends. On the life assured's death, the benefit is paid out by us and the plan ends.
Limited premium
The amount which is payable by you during the premium paying term at regular intervals for a limited period as specified in the plan schedule.
Liquidity
The quality of assets that can be easily and quickly converted into cash without any, or significant, loss in value.
Lock-in period
The period of time for which investments made in an investment option cannot be withdrawn.
Lump Sum Payment
A single payment - either payment for the total amount due to the beneficiary or a single premium paid to fully fund an insurance policy.