Moneyback

Money Back plan provides returns in periodical intervals within selected period. This plan is suitable for those who needs returns in frequent intervals.

Subscribe to: Posts (Atom)

These are Insurance Terms which given by LIC Speaks for your Insurance Knowledge.

Life Insurance:

Life Insurance is a contract between insured and insurer, where the insurer assure to pay the sum when the risk happens or at the end policy term.

Bonus:

Bonus is the amount given to the policy holders apart from their maturity or death benefits. In India the highest bonus amount is given by LIC of India. As per IRDA regulation, 90% of Life Fund should be returned to the policy holders in the form of bonus.

Loyalty Addition:

Loyalty Addition is the amount, which paid to the Policy Holder if premium paid for 15 years or more.

Maturity:

Maturity is the end of the policy term.

Maturity Benefit:

Maturity benefit is the amount of Sum Assured and Bonus given to Life Assured at the end of policy term.

Death Benefit:

Death benefit is the amount of sum assured and Bonus after the death of life assured.

Accident Benefit:

Accident benefit is the additional amount which paid if the life assured died in accident.

Life Fund:

Life Fund is the surplus fund got from the profit

Life Cover:

Life Cover is the amount which is paid to insured by the insurer when the risk happens

Insured:

Policy Holder

Insurer:

The Insurance Company

Rider:

A rider is a clause or condition that is added on to a basic policy providing an additional benefit, at the choice of the proposer, in other words it is an option to get additional benefits.

Sum assured:

Sum assured is the amount which is agreed to pay by the insurer to the insured.