Understand insurance terms in simple English. Search a word, browse by category or explore terms from A to Z.
Try: Premium, IDV, Waiting Period or hospital expenses.
A cost-sharing rule under which you pay a specified percentage or portion of an eligible claim, as stated in your policy.
Example: If a covered claim is ₹10,000 and a 10% co-payment applies, your share would be ₹1,000, subject to policy terms.
A request made to an insurer for payment or benefits under an insurance policy after a covered event.
Example: After an insured car accident, the policyholder may file a claim for eligible repair costs.
A reported measure comparing claims settled with claims considered during a specified period. The calculation and reporting basis matter.
Remember: Check the reporting period, claim type and insurer disclosures. This ratio alone does not guarantee that your claim will be approved.
An amount you must pay under the policy before the insurer pays the eligible amount covered by the policy.
Example: With a ₹5,000 deductible on an eligible ₹20,000 claim, the insurer may consider ₹15,000 before applying other policy terms.
Conditions, events, treatments or losses that an insurance policy does not cover, as specified in its wording.
Remember: Read the exclusions before buying; they can differ between policies.
A specified period after a premium due date during which payment may still be made to maintain or renew cover, subject to policy terms.
Remember: Coverage during this period and the consequences of non-payment depend on the policy.
Benefits for eligible hospital-related medical expenses, according to the policy's coverage, limits and conditions.
Remember: Room limits, sub-limits, waiting periods and exclusions can affect what is payable.
The value assigned to an insured vehicle for relevant own-damage policy purposes, calculated according to applicable rules and policy terms.
Remember: IDV is not necessarily the same as the vehicle's resale price or the amount payable for every claim.
The person or entity whose life, health, property or other specified interest is covered by an insurance policy.
Remember: The insured and the policyholder can be different people.
A benefit payable when a life insurance policy reaches its maturity date, if that policy includes such a benefit.
Remember: Pure term insurance generally does not pay a maturity benefit unless a specific return-of-premium feature applies.
A renewal benefit offered under certain policies for a claim-free period. Its form and rules depend on the insurance product.
Example: In motor insurance, NCB may reduce the own-damage premium, subject to eligibility rules.
A person named in an insurance policy to receive or be considered for policy proceeds or benefits, subject to applicable law and policy conditions.
Remember: The legal rights of a nominee can depend on the policy type and applicable law.
The person or entity that owns the insurance policy and has the contractual rights and responsibilities set out in it.
Remember: A policyholder may buy cover for another person, depending on the product.
The period for which an insurance policy is intended to remain in force, subject to its terms and premium requirements.
Example: A policy with a one-year term generally needs renewal to continue cover beyond that period.
The amount paid to an insurer for insurance cover, according to the payment schedule and policy terms.
Example: If your annual premium is ₹12,000, the yearly cost is ₹12,000 before any applicable adjustments.
A disease or medical condition that falls within the applicable definition of a pre-existing disease under the policy and relevant rules.
Remember: Disclose medical history accurately and check the policy's waiting-period and coverage conditions.
The process of continuing eligible insurance cover for a further period, subject to the insurer's and policy's applicable rules.
Remember: Review changes in premium, benefits, exclusions and conditions at renewal.
An additional benefit or cover option attached to an insurance policy, usually subject to extra terms and sometimes an additional premium.
Example: A critical illness rider may provide a specified benefit if its conditions are met.
The stated amount of insurance cover available under a policy, subject to its terms, limits and applicable claim conditions.
Example: A health policy with a ₹5 lakh sum insured does not mean every claim will automatically be paid up to ₹5 lakh.
Insurance that covers specified legal liabilities towards other people or their property, as described in the policy.
Remember: Third-party motor cover does not by itself cover damage to your own vehicle.
The process an insurer uses to assess risk and decide applicable terms, pricing, conditions or eligibility for cover.
Example: Health insurance underwriting may consider information relevant to the application and product rules.
A specified period during which particular benefits or conditions may not be covered under the policy.
Remember: Initial, specific-disease and pre-existing-disease waiting periods may differ by policy.
A type of life insurance designed to provide cover for the insured's lifetime or up to a stated maximum age, according to its terms.
Remember: Benefits, premiums and cash-value features vary by product.
The additional time allowed for premium payment after the due date under the policy's conditions.
Remember: Check your policy for the exact period and any effect on benefits.
A facility where eligible hospital expenses are settled directly between the insurer or administrator and the hospital, subject to authorisation and policy terms.
Remember: Non-covered expenses and amounts outside approved limits may still need to be paid by you.
A cost-sharing arrangement under which the insured and insurer share eligible costs in specified proportions, as defined by the policy.
Remember: Do not assume co-insurance and a fixed co-payment work in exactly the same way.
Cover that may pay a specified benefit when a listed critical illness meets the policy's definitions and claim conditions.
Remember: The illnesses covered, survival period and other conditions vary by policy.
The benefit payable under a life insurance policy following the insured person's death, subject to policy terms and claim requirements.
Remember: The amount and eligibility depend on the policy in force and its conditions.
A health insurance arrangement in which covered family members share a common sum insured, according to policy rules.
Example: Claims by one covered family member can reduce the amount remaining for others during the policy period.
The insurance company or authorised entity that provides the insurance cover under the contract.
Remember: Read the policy schedule to confirm which insurer is responsible for the cover.
Cover that may provide specified benefits for eligible accidental injury, disability or death, according to the policy.
Remember: Covered events, benefit amounts and exclusions depend on the specific product.
The process of moving an eligible health insurance policy to another insurer, subject to applicable rules and timelines.
Remember: Check continuity benefits, eligibility, documentation and the receiving insurer's terms before switching.
A claim process in which the insured pays eligible expenses first and then submits documents to seek reimbursement under the policy.
Remember: Keep bills, reports and required documents and follow the insurer's claim procedure.
Life insurance that provides cover for a defined period and generally pays a death benefit if the insured dies during the covered term, subject to policy conditions.
Remember: Standard pure term plans usually do not build a maturity payout.
Additional health cover that pays eligible expenses above a specified deductible or threshold, according to the product's rules.
Remember: A standard top-up and a super top-up can calculate eligible expenses differently.
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