| Grace period : Grace period is the time granted by the insurer from the payment of premium, without any Penalty 0 due rrinthge which time the policy is considered to be ip, 1 late with the risk cover without any interruption. |
| Guaranteed Surrender Value : Guaranteed Surrender Value is the minimum guaranteed amount of Surrender Value payable to the policyholder on surrender of the policy. |
| In-force policy : In-force policy means a policy in which all the due premiums have been paid and the premiums are not outstanding be |
| IRDAI : IRDAI means Insurance Regulatory and Development Authority of India earlier called as Insurance Regulatory and Development Authority (IRDA). |
| Lapse : Lapse is the status of the Policy when due premium is not paid within the grace period. |
| Life Assured : Life Assured is the person on whose life the insurance cover has been accepted. |
| Loan : Loan is the interest bearing repayable amount granted by the Corporation against the surrender value payable to the policyholder. |
| Maturity Benefit : Maturity Benefit means the benefit, which is payable on maturity, as specified in Condition 1.B of Part C of this Policy Document. |
| Material information: Material information is the information already known to the Policyholder/Life Assured/Proposer at the time of obtaining a policy which has a bearing on underwriting of the proposal /Policy submitted. |
| Minor : Minor is a person who has not completed 18 years of age. |
| Nomination: Nomination is the process of nominating a person(s) who is (are) named as "Nominee(s)" in the proposal form or subsequently included/ changed by an endorsement Nomination should be in accordance with provisions of Section 39 of the InsuranceAct, 1938 as amended from time to time. |
| Nominee(s) : Nominee(s) means the person(s) nominated by the Policyholder (who is also the Life Assured) under this Policy who is (are) authorised to receive the claim benefit payable under this Policy and to give a valid discharge to the Corporation on settlement of the claim. |
| Option to take Death Benefit in instalments: Option to take death benefit in instalments, as specified in Condition 8 of Part |
| D of the Policy Document : D of Policy Document is an option available under Policy, to receive Death Benefit in instalments instead of lumpsum amount : It is chosen over a period chosen by the Policyholder/ Life Assured. |
| Participating policy : Participating policy means a policy is eligible for share of profit depending upon the Corporation's experience in accordance with the terms and conditions of the policy. |
| Paid-Up : Paid-Up is the status of the Policy, if the premiums are paid for at least two full years and subsequent prerniumis be not paid. |
| Policy Anniversary : Policy Anniversary means one year from the date of commencement of the Policy and the same date falling each year thereafter, till the date of maturity. |
| Policy/Policy Document : Policy/Policy Document means this document along with endorsements, if any, issued by the Corporation which is a legal contract between the Policyholder and the Corporation. |
| Policyholder : Policyholder is the legal owner of this policy. |
| Policy term : Policy term is the period, in years, as chosen by the policyholder mentioned in the Schedule and in the policy document. |
| Maturity date : The date at which your insurance policy matures, i.e., comes to an end is known as the maturity date of the policy. |
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