Asset
|
A financial benefit or property controlled by a person or entity. House, land, vehicle, gold, investments etc. are taken into consideration as an Asset. |
| Beneficiary |
A person or thing who derives advantage or receives help from the insurer. |
| Claim |
A formal request to insurance provider for reimbursement against insurance policy. |
Claimant
|
A person requesting an amount from an insurer on the basis of the terms of insurance. |
| Coverage |
The special protections or benefits provided by the insurer. |
| Grace Period |
An extension period after the due date of premium payment. If you are unable to pay the renewal premium on time, insurance company provides a Grace Period.
|
| Life assured |
The insured person. He/She is the one for whom the insurance plan is purchased. |
| Maturity |
A lump-sum payment fixed by the insurer when the policy reaches its expiration date. |
| Nominee |
A person who receives the benefit in case of death of the insured person. A legal heir nominated by the policyholder. |
| Policyholder |
Owner of the Policy. He/She is the one who purchases the policy and pays the Premium. |
| Premium |
The amount to pay for a contract of insurance, to keep the insurance plan active. |
| Revival Period |
The period in which the insurer provides an option to re-activate or operate the lapsed policy. |
| Riders |
An optional add-ons or paid-up features to your current insurance policy. They are over and above the terms of your policy. |
| Sum assured |
An amount that the insurer agrees to pay on death of the insured person or occurrence of any other insured event. |
| Surrender Value |
The amount the policyholder gets from the insurer when he decides to exit or close the policy before maturity. |
