| Proposer : Proposer is a person who proposes the life insurance proposal. |
| Revival : Revival of a policy means restoration of the policy, which was discontinued due to 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 or late fee, if any, as per the terms and conditions of the policy, upon being satisfied as to the Continued Insurability of the Life Assured. |
| Revival Period : Revival Period means the period of five consecutive years from the date of first unpaid premium, during which period the policyholder is entitled to revive the policy which was discontinued due to the non-payment of premium. |
| Rider :Rider is an additional cover which can be opted for along with Base Policy. |
| Rider Benefits :Rider Benefits means an amount of benefit payable on a specified event offered under the Rider and is allowed as add-on benefit to benefit under Base Policy. |
| Rider Premium : Rider Premium is the premium payable by the policyholder along with the premium under Base Policy towards the additional cover/benefit opted under the rider, if opted. |
| Rider Sum Assured : Rider Sum Assured is the assured amount payable on happening of a specified event covered under the rider, if opted |
| Schedule : Schedule is the part of policy document that gives the specific details of your policy |
| Simple Reversionary Bonus : Simple Reversionary Bonusis the surplus/profit declared at the end of each financial year by the Corporation based on the Corporation's experience to the Participating policies and added to the benefits under the policy as per terms and conditions as specified in the policy document. |
| Settlement Option : Settlement Option, as specified in Condition 9 of Part D of this Policy Document, is an option available under this Policy, to receive Maturity Benefit in instalments instead of lumpsum amount over a period chosen by the Policyholder/ Life Assured |
| Sum Assured on Death : Sum Assured on Death means an absolute amount of benefit which is guaranteed to become payable on death of life assured in accordance with the terms and conditions of the policy. |
| Sum Assured on Maturity : Sum Assured on Maturity means the amount which is guaranteed to become payable on maturity of the policy, in accordance with the terms and conditions of the policy |
| Surrender : Surrender means complete withdrawal or termination of the entire policy before expiry of the policy term. |
| Surrender Value : Surrender Value means an amount, if any, that becomes payable in case of surrender in accordance with the terms and conditions of the policy. |
| Tabular premium : Tabular premium is the premium for the chosen Basic Sum Assured on the age of the Life Assured without application of any rebate or extra loading. |
| Total Premiums paid : Total Premiums paid means the total of all premiums received, excluding any extra premium, any rider premium and taxes. |
| Underwriting : Underwriting is the term used to describe the process of assessing risk and ensuring that the cost of the cover is proportionate to the risks faced by the individual concerned. Based on underwriting, a decision on acceptance or rejection of cover as well as applicability of suitable premium or modified terms, if any, is taken. |
| UIN : UIN means the Unique Identification Number allotted to this plan by the IRDAI. |
| Vested Bonus :Vested Bonus is the simple reversionary bonus, if any, which has already been declared and remains attached to the policy. |
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