Life Insurance Glossary

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.

A 

Accidental Death Benefit

Annuity Plans

 B 

Bonus

 C 

Claim

D 

Death Benefit

E 

Endowment Plan

F 

Free-Look Period

 

 G 

Grace Period

H

Health Declaration

I 

Indemnity Insurance

IRDAI (Insurance Regulatory and Development Authority of India)

 J 

Joint Life Policy

 K 

 Keyman Insurance

 L 

 Lapsed Policy

 

 M 

Maturity Benefit

Money Back Policy

N 

Nominee

 

 O 

Online Term Plan

P 

Premium

Pension Plans
 

Q 

Quarterly Premium

 

 R 

Rider

Retirement Plans

S 

Sum Assured

Surrender Value

SIP

T 

Term Insurance
 

U 

ULIP (Unit Linked Insurance Plan)

 

V 

Vesting Age (in pension plans)

W 

Whole Life Insurance

Waiver of Premium

Y 

Yearly Premium
 

Z 

Zero-Cost Term Plan