Premium and sum assured
The premium is what you pay. The sum assured is the base amount the contract is written for. The relationship between them depends on your age, health, the plan type and the term.
Death benefit and maturity benefit
The death benefit is paid to the nominee if the life assured passes away during the term. A maturity benefit, where the plan provides one, is paid if the policy runs to the end of its term. Pure term plans generally provide the first and not the second.
Riders
Riders are optional add-ons attached to a base policy, such as accidental benefit or premium waiver riders. They carry their own conditions and costs, and availability varies by plan.
Surrender value and paid-up value
If a policy is discontinued after acquiring value, it may have a surrender value or continue with reduced benefits as a paid-up policy. The specific rules are set out in the policy document.
Where to ask questions
Nothing here is a recommendation for any particular plan — it is background so that a conversation about your own situation is easier. You are welcome to contact me for that conversation.