See 'with-profit' policy.
Investment products offered by insurance companies and mutual funds that required the investor to make defined contributions over regular periods, mostly every year. The contributions are invested according to a pre-decided investment plan. At retirement, the accumulation is paid out through regular pay-out options.
Periodic payment investments
Investment options that have payouts in fixed intervals. For example, money-back life insurance policies.
Permanent partial disability
Permanent loss of any body part, one eye, one limb or one finger or a toe, or injuries that render the insured in capable of earning an income from the date of the accident onwards from any work, occupation or profession. While the loss of the body part may be permanent , its effects on the insured's life are partial.
Permanent total disability
Permanent loss of use of any two limbs, or permanent and complete loss of sight in both eyes or any other injury that renders the insured incapable of earning an income. Cover this risk to secure your wealth.
The legal document issued by an insurance company to a policyholder that states the terms and conditions of an insurance contract.
The person who buys an insurance policy. Also referred to as the 'insured'.
The period for which an insurance policy provides cover.
Post office schemes
Also known as Small Savings schemes, they are offered at post offices and carry the highest returns among fixed income instruments. Government backing makes these instruments like Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra (KVP) and Post Office Monthly Income Scheme (POMIS) risk-free
The amount paid by the insured to the insurer to buy cover.
The policyholder's right to vary the amount of premium paid each month towards a life policy.
In life insurance, the beneficiary designated by the insured as the first to receive policy benefits.
The legal fees and other costs incurred in the probate process, which is the legal processing of your will. Assets that you leave to other people through your will cannot be disturbed until the will is probated.
Statements contained in an insurance policy which explain the benefits, conditions and other features of the insurance contract.