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What is Difference between Policy and premium

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(Querist)
02 March 2023 what is difference between LIC Policy and Premium.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 March 2023 LIC Policy contains details of insured, amount insured, period of insurance, maturity date and details of monthly/annual premium payment.
An insurance premium equates to the money that is paid by any person or company/business for availing of an insurance policy.
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