IRDAI : Insurance Technical Words Definitions..

IRDAI ( Insurance Regulatory and Development Authority of India) : Insurance Technical Words Definitions..

Authority means the Insurance Regulatory and Development Authority established

under sub-section (1) of section 3 of the Insurance Regulatory and Development

Authority Act, 1999 (41 of 1999)

Date of payment of premium means the date on which premium payment is

received by the insurer in accordance with the provisions of Section 64 VB (2) o f the

Act.

Death benefit means the benefit, agreed at the inception of the contract, which is

payable on death as specified in the policy document.

Free-look period shall be as stipulated in sub-regulation 2 of Regulation 6 o f

Insurance Regulatory and Development Authority (Protection of Policyholders'

Interests) Regulations, 2002.

Employer-Employee group means groups where an employer-employee

relationship exists between the master policyholder and the member in accordance

with the relevant laws.

Grace Period means the time granted by the insurer from the due date for the

payment of premium, without any penalty / or late fee, during which time the policy is

considered to be in-force with the risk cover without any interruption as per the

terms of the policy.

Limited premium payment products means the non linked insurance products

where the premium payment period is limited compared to the policy term and are

paid at regular intervals like yearly, half-yearly etc.

Maturity benefit means the benefit, which is payable on maturity i.e. at the end

o f the term, as specified in the policy document and is stated at the inception of the

contract.

Non Employer-Employee Groups means groups other than employer-employee

where a clearly evident relationship between the member and the group

policyholder for services other than insurance exist,

Regular Premium Products means non linked insurance products where the

premium payment is throughout the term of the product and are paid in regular

intervals like yearly, half-yearly etc.

Rider benefits means an amount of benefit payable on a specified event offered

under the rider, and is allowed as add-on benefit to main benefit,

Revival of a policy means restoration of the policy, which was discontinued due to

the non-payment of premium, by the insurer with all the benefits mentioned in the

policy document, with or /  without rider benefits if any, upon the receipt of all the

premiums due and other charges/late fee if any, as per the terms and conditions of

the policy, upon being satisfied as to the continued insurability of the

insured/policyholder on the basis of the information, documents and reports

furnished by the policyholder, in accordance with their Board approved Underwriting

guidelines.

Revival Period means the period of two consecutive years from the date of

discontinuance of the policy, during which period the policyholder is entitled to

revive the policy which was discontinued due to the non-payment of premium,

Sales illustrations means a document furnished in accordance with life insurance

council circular number LC/SP/Ver 1.0 dated 3rd February, 2004.

Settlement options means a facility made available to the policyholder to receive

the maturity proceeds in installments in accordance with the terms and conditions

are specified in advance at the inception of the contract,

Single premium products means non linked insurance products, where the

premium payment is made by a single payment at the inception of the policy,

Sum Assured on death means an absolute amount of benefit which is guaranteed

to become payable on death of the life assured in accordance with the terms and

conditions o f the policy

Sum Assured on maturity means an absolute amount of benefit which is

guaranteed to become payable on maturity of the policy in accordance with the

terms and conditions of the policy

Surrender means complete withdrawal / or  termination of the entire policy

Surrender Value means an amount, if any, that becomes payable in case of

surrender in accordance with the terms and conditions of the policy

Non-linked Whole Life products means non linked insurance products which do

not have a definite policy term and the policy terminates on death o f the life

assured.

 All words or expressions not defined in these regulations but defined in the

Insurance Act 1938 or / Insurance Regulatory and Development Authority Act 1999

shall have the same meanings respectively assigned to them in those Acts.

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