Indian life insurance firms sold 2.88 crore new policies in 2019-20..!

Indian life insurance firms sold 2.88 crore new policies in 2019-20..! IRDAI data shows that the life insurance industry has witnessed a growth of around 21% in its new business premium collection last fiscal. The Indian life insurance industry has received new business premi…

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Life Insurance Policy: The difference between Paid Up Value & Surrender Value?

Life Insurance Policy:  What is the difference between Paid Up Value and Surrender Value? The below table for your understanding of the difference between the meanings of Paid Up Value & Surrender Value in Life insurance policies.  From Basunivesh.com

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Reasonable Charges - Terminology - Health Insurance

Terminology - Health Insurance:  Reasonable Charges One would have noticed the mention of 'reasonable charges' on a hospital bill. Insurers prefer paying claims which are reasonably charged by the hospital and not an exorbitant rate for any of the expense-head. The i…

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Terminology - Health Insurance: Portability

Terminology - Health Insurance:  Portability A policyholder may have issues (service concerns etc..) regarding existing health insurance policy with an insurer. If he stops paying renewal premium & buys a fresh policy, the policyholder loses on certain benefits especiall…

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Terminology - Health Insurance -Maternity Expense

Maternity Expense -  Terminology - Health Insurance Some health insurance plans include coverage of maternity related expenses. But, may have a waiting period as long as 48 months (4 years). Plans with lesser waiting period may come at higher premium. In most health insuranc…

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Grace Period - Terminology - Insurance

Grace Period -  Terminology - Insurance Grace period refers to the specified period of fifteen (15) days immediately following the premium due date during which a payment can be made to renew or / continue a policy without loss of continuity benefits such as waiting periods …

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Free Look Period - Terminology - Insurance

Free Look Period -  Terminology - Insurance After having received the policy document, one may not want to continue with the policy. This could be if one is not satisfied with coverage or the terms and conditions of the policy. The policyholder has the option to cancel the po…

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Pre-existing disease - Terminology - Health Insurance

Pre-existing disease -  Terminology - Health Insurance  Unlike in the past, health plans have started covering even pre-existing ailments provided the policy is continuously renewed with the same insurer and that too without any claims for a continuous period of  two to four…

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Terminology - Insurance : Deductible

Terminology - Insurance : Deductible Similar to co-payment is another term called 'Deductible'. The only difference is that in case of the former, it's a percentage of the hospital cost that is shared by policyholder, while in the latter case, it is a fixed amoun…

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Terminology - Health Insurance : Co-Payment

Co-Payment - Terminology - Health Insurance  A health insurance plan is supposed to reimburse the cost of hospitalisation and charges a premium for it.  However, if the policyholder agrees to pay a certain percentage of the hospital bill, it is a case of co-payment.  In doing …

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Eight health insurance jargons explained

8 health insurance jargons explained At times, terms and conditions in a health insurance policy can be confusing. Not just an understanding of the term even the conditions attached with it need to be known .. Full Details  At times, terms and conditions in a health insuran…

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Term Insurance A to Z..!

Protect your family – Get Term Insurance..! by Mr. Satyan Jambunathan,  ICICI Prudential Life Insurance Company What is term insurance..? It is one of the simplest forms of life insurance, where an individual pays a fixed amount of premium & in case of death of the life as…

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Term Plan -Simplest form of Life Insurance

Terminology - Insurance Term insurance plan  without return of premium  is the simplest form of :- “Life Insurance Cover”

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Terminology - Insurance - Human Life Value

Human Life Value Human Life Value is defined as the Present Value of Future Income that anyone could expect to earn in rest of your Working Span. Your Age:  Retirement Age: The age up to which you expect to continue to work     Current Annual Income (in Rs):    Future Rate …

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Terminology - Insurance- Health insurance..!

Insurance against loss by illness or / bodily injury. Health insurance provides coverage for medicine, visits to the doctor or emergency room, hospital stays and other medical expenses. Policies differ in what they cover, the size of the deductible and / or co-payment, limi…

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Terminology - Insurance Annualized Premium Equivalent

 Glossary Insurance APE (Annualized Premium Equivalent): to The sum of annualized first year regular premiums  and 10% weighted single premiums and single premium top-ups.

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Glossary Insurance Conservation ratio..

Ratio of current year renewal premiums to previous year’s  renewal premium and first year premium

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Glossary Insurance Total premium

Terminology - Insurance Total reported premium during the year including first year, single and renewal premium, for individual and group business.

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Terminology - Insurance: Renewal premium

Glossary  Insurance Renewal premium : Regular recurring premium received after the first policy year called  Renewal premium

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Glossary Insurance - First year premium..

Regular premium received during the year for all modes of payments chosen by the customer which are still in the first year.  For example for a monthly mode policy sold in March 2013, the first installment would fall into first year premium for 2012-13 and the remaining 11 i…

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