Proposal it’s the phase 2 of IPSec and it’s lifetime means when it should renew the SAs used.
Peer it’s the phase 1 of IPSec and it’s lifetime means when it should close the current connection and create a new one.
On the IP / IpSec / Peers you could see the phase 1, and if you double-click one you will see the established time. This one should never be greater than the phase 1 lifetime.
On the Installed SAs tab you have the same but for phase 2.