LIC is a term life insurance policy that offers death benefits to the policyholder's beneficiaries. The policyholder pays premiums to keep the policy in force, and the death benefit is paid out to the beneficiaries if the policyholder dies while the policy is in force. There are a few different ways to calculate the death benefit, but the most common is to use the policyholder's age, gender, and health at the time of death. The death benefit can also be affected by the type of policy, the face value of the policy, and the premiums paid.
