When you’re buying life insurance in India, you’ll often come across technical jargon that might seem confusing. From terms like "Sum Assured" to "ULIP," understanding these words can help you make informed decisions and choose the right policy for your needs. To make life insurance simpler and easier to understand, we’ve compiled a comprehensive A to Z glossary of the most commonly used life insurance terms in India.

Term insurance is one of the best tools to secure the financial future of your family. It offers a high extent of coverage at a relatively low premium for a specific period (term). Plus, in the event of the sudden demise of the policyholder, it pays a death benefit to the nominee (beneficiary).

When it comes to managing money, one thing most people look for is certainty—a steady stream of income, freedom from market ups and downs, and assurance that their loved ones will be protected no matter what. That’s where Guaranteed Income Plans from life insurance companies come into play.

When you apply for life insurance, you’re not just purchasing a policy—you’re going through a process known as underwriting.

Are you aware of the 3-year rule in Term Insurance? While the term plan itself is simple—it provides a financial safety net for your family in case of your untimely demise—the rules around claim settlement and fraud protection add depth to the policy.

Do You Know?

According to the recent report shared by Policybazaar Insurance Broker Private Limited, the number of women purchasing term insurance plans increased to 80%. This rise indicates the maximum demand for term insurance and financial inclusion among women.