You decide to buy a life insurance plan from an insurance company.
You decide the coverage amount or sum assured that you/your nominee will receive.
You decide the policy term (the duration of the policy) and the premium paying term (the duration of premiums to be paid).
Based on various factors like your age, health condition, sum assured, policy term, and premium paying term selected, etc., the premium amount to be paid is decided by the life insurance company.
You buy the life plan from the insurance company and in return you pay premiums.
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