• Accident

    An event or occurrence causing damage/injury to an entity, and is unforeseen and unintended.

  • Accident Benefit

    Provides for payment of an additional benefit in case of accidental death.

  • Age Limits

    Stipulated minimum and maximum ages below and above which the company will not accept applications or may not renew policies.

  • Assignment

    Assignment means legal transference. A method by which the policy holder can transfer his interest to another person. An assignment can be made by an endorsement on the policy document or as a separate deed. Assignment can be of two types Conditional and Absolute.

  • Beneficiary

    The person(s) or entity(ies) (e.g. corporation, trust, etc.) named in the policy as the recipient of insurance proceeds upon the death of the life insured.

  • Coverage

    The scope of protection provided under a contract of insurance any of several risks covered by a policy.

  • Days Of Grace

    Policyholders are expected to pay premium on due dates.Aperiod of 15-30 days is allowed as grace to make payment of premiumthis period is knownas days of grace.

  • Embezzlement

    Fraudulent use or taking of anothers property or money that has been entrusted to ones care.

  • Endowment Policy

    The policyholder has to pay an annual premium, which is determined on the basis of the life to be insureds age at entry and the term of the policy. The sum assured is payable either at the end of specified number of years or upon the death of the insured person, whichever is earlier.

  • Exclusions

    Specific conditions or circumstances for which the policy will not provide benefits.

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