A

Annuity: Regular periodic payment made to a policyholder after retirement, typically from pension plans.

Assured: The person whose life is insured under the policy.

B

Beneficiary: Person who receives the insurance benefits after the policyholder's death.

Bonus: Additional amount paid by the insurer based on company's profits, added to sum assured.

C

Claim: Request to the insurance company for payment of benefits as per policy terms.

Coverage: The total amount of financial protection provided by an insurance policy.

Critical Illness: Serious health conditions covered under specific insurance plans (cancer, heart attack, stroke, etc.).

D-E

Death Benefit: Amount paid to beneficiaries upon death of the insured person.

Deductible: Amount policyholder must pay before insurance coverage begins.

Endowment: Life insurance plan that provides both death benefit and maturity benefit.

F-L

Free Look Period: 15-30 day window to review policy and cancel if unsatisfied, getting full premium refund.

Grace Period: Additional time given to pay premium after due date without policy lapsing.

Lapse: When policy terminates due to non-payment of premiums.

M-P

Maturity: End of policy term when benefits become payable.

NCB (No Claim Bonus): Discount on renewal premium for not making claims.

Premium: Amount paid regularly to keep the insurance policy active.

R-S

Rider: Additional benefit added to base policy for extra coverage (critical illness, accidental death, etc.).

Sum Assured: Fixed amount guaranteed to be paid on death or maturity of policy.

Surrender Value: Amount paid when policy is terminated before maturity.

T-U

Term Insurance: Pure life insurance providing only death benefit, no maturity benefit.

ULIP: Unit Linked Insurance Plan - combines insurance with investment in market-linked funds.

Underwriting: Process of evaluating risk and determining premium rates.

V-W

Vesting Age: Age at which pension payments begin in retirement plans.

Waiting Period: Time after policy start during which certain claims are not covered.