Your variable universal life policy is issued with a minimum scheduled premium based on an initial specified death benefit. (pocketsense.com)
However, LIC smartly circumvented the issue by specifying the Death benefit as atleast 10 times tabular single premium. (personalfinanceplan.in)
Under a term life insurance policy, when the insured dies, the beneficiary is paid the specified death benefit amount stated in the policy. (globalatlantic.com)