Life Insurance Glossary

Updated May 15, 2026

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Confused by life insurance jargon? Our comprehensive glossary makes understanding life insurance terms quick and easy, so you can choose the best plan

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.

Accidental Death Benefit

Health Declaration

IRDAI (Insurance Regulatory and Development Authority of India)

Joint Life Policy

Keyman Insurance

Lapsed Policy

Maturity Benefit

Money Back Policy

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SIP

ULIP (Unit Linked Insurance Plan)

Vesting Age (in pension plans)

Whole Life Insurance

Waiver of Premium

Yearly Premium

Zero-Cost Term Plan

Disclaimer* :- The information provided here is for general awareness only. It does not constitute professional advice. While care has been taken to ensure accuracy, readers are advised to consult a qualified professional before making any decisions.

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Life Insurance Glossary

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