The payment, or one of the regular periodic payments, that a policyholder makes to an Insurer in exchange for the Insurer's obligation to pay benefits upon the occurrence of the contractually-specified contingency (e.g., death of the policyholder).

Technical jargons can be tricky.  Whether you are well versed or totally alien to Insurance, here is a list of terms to make you more familiar with our policies. We’ve tried blend all the possible terms, but if you have any other query or doubt you can always reach out to our financial advisors.

Any life insurance policy has minimum and maximum ages, below and above which the insurer doesn’t accept applications or renew policies.

These plans provide for a “pension” to be paid to the policyholder or his spouse starting at a pre-determined date. At the end of the tenure, you start to enjoy a regular pension amount till the end of either’s lifetime. In the event of death of both of you during the policy period, the next of kin get a lump sum amount. You can also have the flexi [..]

Assignee is the person to whom the benefits of a life insurance policy are assigned.

Assignor is the person who holds the right/title of the policy and it’s he/she who can make a valid assignment.

The person whose life is proposed to be insured in the application for life insurance and who becomes the legal owner of the policy, after it is issued.

It is the person, whose life is insured i.e., upon whose death, the death benefits are payable under a life insurance policy. When the policy is on one’s own life, the policy owner and the insured is the same person.

Beneficiary is the person(s) or entity(ies) (for e.g. corporation, trust etc.) who is named in the policy as the recipient of insurance proceeds upon the death of the insured.

Bonus is the amount added to the basic sum assured under a participating life insurance policy.