Assume the role of a legal advisor tasked with drafting a comprehensive privacy policy for an online service. Detail the legal requirements for compliance with regulations such as GDPR and CCPA, and outline the key components that must be included in the policy. Provide guidance on how to address data collection, user consent, and rights to access and deletion of personal data. Discuss the importance of clear and accessible language to ensure user understanding. The output should be a detailed privacy policy template that can be customized for different businesses.