| Age : Age is the age nearer birthday of the Life Assured at the time of commencement of the policy except for age 18 years for which the age is in completed year. |
| Appointee : Appointee is the person to whom the proceeds/benefits secured under the Policy are payable if the benefit becomes payable to the nominee and nominee is minor as on the date of claim payment. |
| Annualised Premium :Annualised Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. |
| Assignee : Assignee is the person to whom the rights and benefits are transferred by virtue of an Assignment. |
| Assignment : Assignment is the process of transferring the rights and benefits to an "Assignee" Assignment should be in accordance with the provisions of Section 38 of Insurance Act, 1938 as amended from time to time. |
| Base Policy : Base Policy is that part of the Policy referring to basic benefit (benefits referred to in this Policy Document excluding benefits covered under rider, if opted for) |
| Basic Sum Assured : Basic Sum Assured means the amount specified in the Schedule as opted by the Policy holder at the time of taking the policy. |
| Beneficiary/Claimant : Beneficiary/Claimant means the person(s)/entity who is/are entitled to receive benefits under this Policy. The Beneficiary to whom benefits are payable is the Proposer or Life Assured or his Assignee under Section 38 of the Insurance Act, 1938, as amended from time to lime or Nominee(s) under Section 39 of the Insurance Act, 1938, as amended from time to time or proved Executors or Administrators or other Legal Representatives who should take out representation to his/her Estate or limited to the moneys payable under this Policy from any Court of any State or Territory of the Union of India, as applicable |
| Continued Insurability : Continued Insurability is the determination of insurability of Life Assured/Proposer on revival of policy with rider(s) if opted for, to the satisfaction of the Corporation based on the information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival. |
| Corporation : Corporation means the "Life Insurance Corporation of India established under Section 3 of the LIC Act, 1956" as taken example. |
| Date of commencement : Date of commencement of policy is the start date of this Policy |
| Date of commencement of risk :Date of commencement of risk is the date on which the Corporation accepts the risk for insurance (cover) as evidenced in the Schedule of the policy. |
| Date of issuance of policy : Date of issuance of policy is a date when a proposal after underwriting is accepted as a policy and this contract gets effected |
| Date of Maturity : Date of Maturity means the date specified in the Schedule on which the Policy Term is completed |
| Death Benefit : Death Benefit means the benefit, which is payable on death, as specified in Condition 1 A of Part C of this Policy Document. |
| Discharge form : Discharge form is the form to be filled by policyholder/claimant to claim the maturity/surrender/death benefit under the policy |
| Due Date : Due Date means a fixed date on which the policy premium is due and payable by the policyholder |
| Endorsement : Endorsement means conditions attached/ affixed to this Policy incorporating any amendments or modifications agreed to or issued by the Corporation |
| Extra premium : Extra premium means a charge, due to underwriting decision, for any additional risk not provided for, in minimum contract premium. |
| Final Additional Bonus : Final Additional Bonus, also called as Terminal Bonus, is an additional amount payable along with the Simple Reversionary Bonus when the policy terminates, provided such a Final Additional Bonus is declared by the Corporation and the policy is eligible for such Final Additional Bonus. |
| Foreclosure : Foreclosure is an action of closing the policy due to default in payment of outstanding loan and/or loan interest on due date |
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