Category
Life Insurance
10 terms explained in plain English, with Indian context.
- Death BenefitDeath benefit is the amount that a life insurance policy pays to the nominee on the death of the life assured during the policy term.
- Human Life Value (HLV)Human Life Value (HLV) is a method for estimating how much life insurance a person needs by computing the present value of their future e...
- Maturity BenefitMaturity benefit is the amount paid to the policyholder at the end of a savings-linked life insurance policy's term if the life assured s...
- NomineeA nominee is the person whom the policyholder has named to receive the insurance payout if the life assured dies.
- Paid-Up ValuePaid-up value is the reduced sum assured of a savings-linked life insurance policy when the policyholder stops paying premiums after the ...
- Premium Paying TermPremium Paying Term (PPT) is the number of years during which the policyholder is contractually obliged to pay premiums on a life insuran...
- RiderA rider is an optional add-on to a base insurance policy that extends coverage for an additional event or alters the policy's behaviour, ...
- Surrender ValueSurrender value is the amount the insurer pays the policyholder if they voluntarily terminate a life insurance policy before the end of i...
- Survival BenefitSurvival benefit is the amount a savings-linked life insurance policy pays to the policyholder at defined intervals during the policy ter...
- Term InsuranceTerm insurance is a pure-protection life insurance policy that pays the nominee a lumpsum (the sum assured) if the life assured dies duri...