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Common Abbreviation

Act means the Insurance Act, 1938

Common Abbreviation

Glossary
  • Accidental Death Benefit (ADB) is an amount paid in addition to the standard benefit payable if the insured died of an accident
  • Act means the Insurance Act, 1938
  • Age means age at last birthday
  • Appointee In case of death of the life insured, an appointee receives the benefit under the policy if the nominee is a minor
  • Authority means the Insurance Regulatory and Development Authority or such other authority or authorities, as may be designated under the applicable laws and regulations as having authority to oversee and regulate life insurance business in India, or any other area that has an impact on the business of life insurance
  • Benefits means the Death Benefit, the Maturity Benefit and any other benefit, as may be applicable in terms of this Policy referred to collectively
  • Business Day means any day which is a working day for the Company's Corporate Office in Gurgaon and on which day the National Stock Exchange (NSE) is open for trading
  • Charges mean collectively, the charges that may be levied by the Company under this Policy with the approval of the Authority from time to time
  • Claimant means the Policyholder or the assignees as per Section 38 of the Act, and if the Policyholder is not alive at that time, the Nominees, Appointees, executors or other legal representatives, who are entitled to prefer a claim for Benefits under the Policy
  • Death Benefit means the benefit of the Policy, payable by the Company upon the death of the Life Assured during the Policy Term
  • Financial Year means a period of twelve months commencing from April 01 each year and ending with March 31 of the following year
  • Fund Value is total number of units held in invested fund(s) of the policy multiplied by NAV or unit price of respective fund(s). It keeps changing basis the NAV
  • Grace Period means the period of thirty (30) days commencing from the due date of each Regular Premium due, during which the Policyholder may make payment of unpaid Regular Premium to keep the Policy and all the Benefits in force
  • Insurance Cover means the Death Benefit cover and Rider Benefits (if any) payable under this Policy upon the Life Assureds' death
  • Life Assured is the person covered in a life insurance policy
  • Loyalty Addition means the additional Units automatically allocated by the Company in the Unit Linked Funds chosen by the Policyholder
  • Maturity Benefit means benefit amount payable on Maturity Date to policyholder, provided the Life Assured is alive
  • Maturity Date means the date specified as such in the Policy Schedule on which the Maturity Benefit becomes payable
  • Minor means a person who has not completed the age of 18 years
  • Net Asset Value (NAV) means the market value of investments held under the Unit Linked Fund plus or minus the expenses incurred in the purchase or sale of the assets (as the case may be) depending upon whether the Unit Linked Fund is a net buyer or seller of assets, plus the value of any current assets and any accrued income net of Fund Management Charges less the value of any current liabilities and provisions, if any
  • Nominee is the person selected by the policyholder to receive the benefit under a policy in case of death of the life insured
  • Office means any office established by the Company for servicing customers, except its Registered Office and Corporate Office
  • Policy is contract of insurance entered between insurer and proposer as evidenced by the Policy Document
  • Policy Anniversary means an annual anniversary of the Policy Commencement Date
  • Policy Commencement Date means the date of commencement of the Policy as specified in the Policy Schedule
  • Policy Schedule means the schedule attached to and forming part of this Policy
  • Policy Term is the period of coverage provided by an insurance policy
  • Policy Year means a period of twelve (12) consecutive months starting from the Policy Commencement Date and ending on the day immediately preceding its Policy Anniversary and each subsequent period of twelve (12) consecutive months thereafter, during the Policy Term
  • Policyholder means the person specified as such in the Policy Schedule
  • Premium is the amount payable by policyholder to insurer, as specified in the Policy Schedule in exchange for insurer’s obligation to pay the benefits as per terms and conditions of the Policy.
    The periodic payment that must be paid to the insurance company in exchange for the life coverage. There are single premium life covers as well as regular premium life covers. In case of regular premium life covers, premiums must be paid within the due date for a policy to remain active. Most companies offer a lot of flexibility when it comes to choosing the premium payment interval (yearly, half-yearly, quarterly, or monthly) for a life cover.
  • Premium Payment Term means number of years a policyholder requires to pay premium for a life insurance policy
  • Redirection is change of premium allocation for all the future premiums
  • Regular Premiummeans the premium specified as such in the Policy Schedule payable in regular installments as agreed between the Policyholder and the Company
  • Regulations means the laws and regulations in effect from time to time and applicable to this Policy, including without limitation the regulations and directions issued by the Authority from time to time including re-enactments and/or amendments to such laws and regulations
  • Revival Period means the period during which policyholder will be entitled to revive the Policy which was discontinued due to non Payment of Premium. The period is determined as period of 3 consecutive complete years from the date of first unpaid premium in case of ULIPs and period of 5 consecutive complete years from the date of first unpaid premium in case of traditional plans
  • Rider means the supplementary or additional benefit coverage, if any, issued by the Company, attached to and forming part of this Policy
  • Rider Benefits means the benefits payable under the Riders
  • Risk Commencement Date - It is the date on which the life insurance cover starts.
  • Sum Assured means the amount paid by the insurance company in case of death of the life assured
  • Surrender means the termination of the Policy in its entirety at the instance of the Policyholder
  • Surrender Value shall mean the Fund Value less applicable Surrender Charges
  • Switches means the facility available to the Policyholder to change the investment pattern of the available Unit Linked Funds by shifting from one Unit Linked Fund to another (in whole or in part)
  • Unit Linked Fund means specific and separate investment funds established, offered, operated and maintained by the Company, in terms of Clause 8 below or as may be introduced by the Company from time to time, with the approval of the Authority
  • Unit Pricemeans the price of the Units of each Unit Linked Fund arrived at by dividing the Net Asset Value of the Unit Linked Fund by the total number of outstanding Units in the Unit Linked Fund at that time
  • Units means a notional interest of the Policyholder representing a portion or a part of Unit Linked Fund consisting of one undivided share in the assets of the relevant Unit Linked Fund
  • Vesting Age is the age at which the receipt of pension starts in an insurance-cum-pension plan