• About Us
  • Our Partners
  • Become an Advisor
  • NRI
  • QROPS
  • Careers
  • Alumni Portal
  • Public Disclosures
Select a language English
  • Pay Premium
  • COVID-19
    Assistance
    Covid-19 Crisis
  • Our
    Products
    • Protection Plans
    • Savings & Investments
    • Retirement & Pension
    • Group Business
    • QROPS
    Covid-19 Crisis
  • Our
    Funds
    • Fund Fact Sheet
    • Market Review
    • Check NAV
    • Market Highlights
    • Annual Fund Review 2020-21
    • Covid-19 Crisis
  • Knowledge
    Center
    • Blogs and Articles
      Term Insurance early bird offer

      With Term Insurance - It pays to be an early bird

      View All

    • Video library
      keep your family secured

      60 seconds is all it takes to keep your family secured!

      View All

    • FAQ

      What is the claims process at Exide Life Insurance?

      View All

  • Planning
    Tools
    • Calculate How Much
      Life Cover You Need
    • Risk Analyser
      Life Insurance
    • Child Education Planner
      Number
    • Know Your Retirement
      Number
    • Investment
      Calculator
  • Customer
    Service
    • Premium Payment Options
    • Self Service

    • Instant sign-up for Auto Debit
    • All Claims
    • Download Center
    • Term Insurance early bird offer

      Track your Application

    • Term Insurance early bird offer

      Track your
      Claim

    • Track your Service Request

Eng
Pay Premium
  • Our Products
  • Our Funds
  • Knowledge Center
  • Planning Tools
  • Customer Service
  • About Us
  • Our Partners
  • Become An Advisor
  • NRI
  • QROPS
  • Careers
  • Alumni Portal
  • Public Disclosures
  • Share via:
    • Home/
    • Our Funds /
    • Knowledge Center/
    • Glossary

Glossary

  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • U
  • V
  • W
  • X
  • Y
  • Z
  • Accident

    An event or occurrence which is unforeseen and unintended usually resulting in a loss to a person or property.

  • Actuary

    A person professionally trained in the technical aspects of pensions, insurance and related fields. The actuary determines the amount of money that must be contributed periodically to an insurance or pension fund in order to provide future insurance benefits.

  • Adverse Selection

    The tendency of people who believe they have a greater-than-average likelihood of loss to apply for or continue insurance to a greater extent than do other people who have lesser-than-average likelihood of loss.

  • Age Limits

    Stipulated minimum and maximum ages below and above which an insurance company may not accept applications or may not renew policies.

  • Agent

    An Agent or Insurance Agent is a person licensed by IRDA to solicit or procure insurance business for an insurance company. An Agent usually identifies prospective insurance customers, assists them in deciding their insurance needs and in applying for insurance.

  • Annuitant

    The person during whose life an annuity is payable, usually the person to receive the annuity.

  • Annuity

    A policy under which an insurance company promises to make a series of periodic payments to the policy holder in exchange for a single premium or a series of premiums.

  • Application

    A signed statement of facts made by a person applying for life insurance and then used by the insurance company to decide whether or not to issue a policy. The application is the basis of the insurance contract when the policy is issued.

  • Assets

    The things of value owned by a person, organization etc.

  • Assignment

    Assignment is the transfer of rights in an insurance policy from one person to another. Sometimes, the term is also used to denote the document that evidences such assignment or transfer.

  • Assumptions

    Conditions and rules underlying the calculation of a benefit, including expected interest, mortality and turnover.

  • Assurance

    An agreement that guarantees the payment of a specified amount of money usually upon the death of the insured. In some cases, the benefits are payable in other circumstances specified in the agreement, such as total disability or critical illness etc. The term insurance and assurance are today generally accepted as synonymous, although not originally so. The term "assurance" is used more commonly in Canada and Great Britain than in the United States.

  • ADD-ONs

    A supplementary benefit that becomes part of basic insurance contract and expands the scope of benefits available under a policy.

  • Back Dating

    Notionally commencing the policy from a date earlier than the date of application so that premium rate will be lower (normally within the same financial year).

  • Benefit

    The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage when an insurance claim is admitted.

  • Bonus

    The share of surplus declared by an insurance company in favour of the policyholders in "with-profit" policies.

  • Cancellation

    The discontinuance of an insurance policy before its date of maturity, either by the insured or the insurance company.

  • Cash Surrender Value

    The amount of money the policyholder will receive, after necessary deductions, if he cancels the coverage and surrenders the policy to the insurance company. Usually, before a policy can acquire cash surrender value, specified minimum number of premiums shall have been paid.

  • Claim

    A request for payment under the terms of an insurance policy on the happening of specified events or after the expiry of specified period.

  • Commission

    A percentage of an insurance premium paid by the insurer to an insurance intermediary like an insurance agent or broker for selling insurance policies.

  • Compound reversionary bonus

    The additional bonus earned by the accumulated bonus on a policy apart from the bonus on the basic Sum Assured.

  • Concealment

    Deliberate failure of an applicant for insurance to reveal a material fact to the insurer.

  • Conditions

    The clauses inserted in an insurance contract that must be satisfied before the life insurance coverage becomes effective or before the insurer becomes liable to perform his part of the obligations under an insurance contract.

  • Coverage

    The scope of protection provided under a contract of insurance; any of several risks covered by a policy.

  • Date of Policy Commencement

    The date on which the policy was actually accepted and the initial deposit is converted to first premium. This is the date from which the insurance company accepts the risk on the life of the assured.

  • Death Benefit

    The benefit (amount) that a designated beneficiary/nominee is eligible to receive, as per the insurance Policy, upon the death of the life assured. The benefit may include the original or basic policy death benefit, dividends, and supplemental benefits as reduced by any outstanding policy loans, loan interest, prior policy withdrawals etc. as applicable.

  • Declarations

    Statements in an insurance contract that provide information about the property or life to be insured and which may be used for underwriting and rating purposes and identification of the property or life to be insured.

  • Disability Benefit

    A feature added to some life insurance policies providing for waiver of premium, or payment of monthly income, or other benefits if the policyholder becomes totally and permanently disabled, as provided in the policy.

  • Dismemberment Insurance

    A form of insurance that provides payment of certain benefits in case of dismemberment.

  • Disposable Personal Income

    The personal income less personal tax and non-tax payments that is available for spending and saving is usually referred to as disposable personal income of a person.

  • Dread Disease Insurance

    Insurance providing an unallocated benefit, subject to a maximum amount, for expenses incurred in connection with the treatment of specified diseases, such as cancer, poliomyelitis, encephalitis and spinal meningitis, as provided in the policy.

  • Effective Date

    The date on which the policy was actually accepted and the initial deposit is converted to first premium. This is the date from which the insurance company accepts the risk on the life of the assured.

  • Earned Income

    Income earned by a person, be it salary, wages, commission or fees, out of any lawful economic activity.

  • Endorsement

    An amendment to an insurance policy or a noting in the insurance policy that becomes part of the insurance contract. The endorsement usually expands or limits the benefits payable.

  • Endowment

    A type of Life insurance wherein the sum assured is payable to the policyholder if living, on the maturity date stated in the policy, or to a beneficiary if the insured dies prior to that date.

  • Evidence of Insurability

    Any statement or substance of a person?s physical condition and/or other factual information affecting his/her acceptance for insurance.

  • Exclusion

    Conditions or circumstances expressly provided in the policy document for which the policy provides no benefits.

  • Exception

    Conditions or circumstances expressly provided in the policy document for which the policy provides no benefits.

    No glossary for "F"
  • Grace Period

    The length of time after a premium is due and unpaid during which the policy, including riders or add-on benefits, remains in force.

  • Guaranteed Addition

    This is not an add-on or a rider. Guaranteed addition is an additional sum that the insurance company guarantees to pay the life assured or his nominees upon the happening of certain events. This sum is in addition to the sum assured payable under the basic cover. This term must not be confused with ?Bonus?, which is payable only in ?with-profit? policies and only when the insurance company declares its surplus to the policyholders. Bonus cannot be claimed as a matter of right. However, a Guaranteed Addition can be claimed as a matter right by life assured or beneficiary.

  • Hazard

    Condition that creates or increases the chance of loss.

  • Insurance

    Insurance is a contract by which one party (the insurer) in consideration of the price paid to him (called premium) agrees to indemnify or pay a certain sum of money to the other (called the insured) on the happening of perils specified in the policy.

  • Insured

    The person on whose life the policy is issued.

  • Insured Life

    The person on whose life the policy is issued.

    No glossary for "J"
    No glossary for "K"
  • Lapse

    The termination of the contract of insurance as a consequence of failure to pay up the renewal premium before the specified time.

  • Medical Examination

    The examination conducted by a qualified physician to determine the insurability of a life to be insured. A medical examination may also be used to determine whether a person claiming disability is actually disabled.

  • Mode of Payment

    The method of making payments towards the risk covered under an insurance policy. For example, monthly, quarterly, half-yearly, and annually.

  • Moral Hazard

    Moral Hazard is generally referred to as the risk on the life of a person due to the particular circumstances in which that life is placed; it could be simply due to the position (such as a politician), or by virtue of a person being involved in activities that are illegal or immoral or unhealthy in nature.

  • Mortality Table

    A statistical table showing the death rate at each age, usually expressed as so many per thousand.

  • Non-forfeiture Option

    The various ways in which a policy owner may apply the cash value of a life insurance policy if the policy lapses, so that the policy remains valid.

  • Non-medical Limit

    The maximum face value of a policy that an insurance company will issue without the life to be insured taking a medical examination.

  • Non-participating Policy

    Non-participating Policy is one that is not entitled to share in the surplus of the insurance company.

  • Occupational Hazards

    Occupations which exposes the insured life to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected due to the nature of the occupation.

  • Proposal

    A signed statement of facts made by a person applying for life insurance and then used by the insurance company to decide whether or not to issue a policy. The application is the basis of the insurance contract when the policy is issued.

  • Paid-up Insurance

    Insurance on which all required premiums have been paid. The term is frequently used to mean the reduced paid-up insurance available as a non-forfeiture option, after the policy has acquired some cash value.

  • Participating Policy

    Participating Policy is one that participates in the surplus of the insurance company.

  • Policy

    The legal document issued by an insurance company to the policyholder, which outlines the conditions and terms of the insurance; also called the policy contract or the contract or insurance policy.

  • Policy Holder

    The person to whom a policy has been issued.

  • Policy Loan

    A loan given by a life insurance company from its general funds to a policyholder on the security of the cash value of a policy.

  • Policy Term

    Period for which an insurance policy provides coverage. In some policies, the benefit becomes payable at the end of the Policy Term, if the specified event has not occurred.

  • Premium

    The amount payable by the policyholder to the insurance company for effecting an insurance policy or keeping the same in force.

  • Premium Paying Period

    Period for which the premium has to be paid in relation to a policy. The Premium Paying Period could be same or less than the Policy Term.

    No glossary for "Q"
  • Reversionary Bonus

    The bonus declared by the insurance company which is attached to the policy and becomes payable on death or on maturity.

  • Rider

    A supplementary benefit that becomes part of basic insurance contract and expands the scope of benefits available under a policy.

  • Sum Assured (SA)

    Amount payable when specified event occur or at the expiry of a specified period, under an insurance policy.

    No glossary for "T"
  • Underwriting

    Process of deciding whether or not a policy is issued and if accepted for policy then at what rate of premium and the type of cover.

    No glossary for "V"
    No glossary for "W"
    No glossary for "X"
    No glossary for "Y"
    No glossary for "Z"
  • Key Links

  • Buy Online
  • Buy Guaranteed Returns Insurance Plan
  • Buy Zero Cost Term Insurance
  • Buy Term Plan with Return of Premiums
  • Buy Heart & Cancer Insurance
  • Buy Single Premium ULIP Plan
  • Buy Investment with Insurance Plan
  • Buy Savings cum Insurance Plan
  • Buy 5 Pay Savings Plan
  • Buy Unit Linked Pension Plan
  • Buy Simple & Affordable Term Plan
  • Buy Guaranteed Income Benefit Plan
  • Get a Quick Quote
  • Term Plan Calculator
  • Financial Calculator
  • Have Queries?
  • To Buy Policy Online : 1800 419 0808
  • For Policy Servicing : 1800 419 8228
  • Write to Us
  • Life Insurance Plans
  • Smart Term Pro
  • Smart Term Edge
  • Saral Jeevan Bima
  • Term Insurance Comparison
  • Critical Illness Insurance
  • Term Riders
  • Retirement & Pensions
  • QROPS
  • Health Insurance
  • Critical Illness Rider
  • Group Insurance Scheme
  • Group Insurance Policy
  • Group Term Life Insurance
  • Group Gratuity Scheme
  • Group Critical Illness Insurance
  • Investment Options
  • Endowment Plans
  • Endowment Assurance Plan
  • Secured Income Insurance Plan
  • Long Term Investment
  • Tax Savings Investments
  • Single Premium ULIP Plan
  • Child Plans
  • Child Investment Plans
  • Customer Service
  • Track your Application
  • Track your Service Request
  • Register for Auto Debit
  • Claims
  • Claim Forms
  • Track your Claim
  • Check Unclaimed Amount
  • About Us
  • Management Team
  • Media Centre
  • Awards and Recognition
  • Corporate Social Responsibility
  • Forms
  • My Money Book
  • FAQs
  • Term Insurance FAQs
  • Online Term Insurance FAQs
  • Life Insurance FAQs
  • Retirement & Pension FAQs
  • Child Plans FAQs
  • Savings and Investments FAQs
  • Blogs and Articles
  • Video Library
  • Security Tips
  • Privacy Policy
  • Tax Center
  • Withdrawn Products
  • Sales Illustrator
  • My Connect
  • About E-insurance
  • Terms of Use
  • New Business Premium
  • IRDAI
  • policyholder.gov.in
  • Member of the Life Insurance Council
  • IRDAI IGMS
  • Modification in NAV Computation
  • Grievance Redressal
  • Disclaimer
  • DNC (Do Not Call)
  • Intellectual Property Rights
  • Phishing
  • API & Development
  • HDFC Life

IRDAI notice : Beware of Spurious/ Fraud Phone Calls: IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Exide Life Insurance Company Limited.
IRDAI Registration Number: 114, CIN:U66010MH2000PLC377660
Registered Office: First Floor, Unit No.5 to 8, Inizio Building, Opp P&G Plaza, Cardinal Gracious Road, Chakala, Andheri East, Mumbai – 400 099, India
Corporate Office: Third Floor, JP Techno Park, No. 3/1, Millers Road,
Bangalore- 560 001, India.
2022 Exide Life Insurance Company Limited. All rights reserved.

  • IRDAI Public Notice on Spurious Calls
  • Sitemap
  • FAQ
  • © 2022 Exide Life Insurance Company Limited
loading

Please rotate your screen for
optimal experience

    • Share via:
Buy Online :
  • Smart Term Edge
  • Single Premium ULIP
  • Locate a Branch
  • Service Queries
  • Speak to our Expert
  • Smart Term Edge
  • Single Premium ULIP
  • Locate
  • Speak to our Expert
  • Buy

Have Us Call You

Disclaimer


By submitting your contact details (Telephone number), you authorize Exide Life Insurance and/or its authorized service provider to verify the above information and/or contact you in relation to the insurance products sold by Exide Life insurance even if this telephone number is presently or subsequently registered on the Provider. Do Not Call/Do Not Disturb Register or the National Do Not Call Register.

Please enter first name
Please enter a valid Birth date
Please enter a valid email id
Please enter mobile number Please enter valid number
Please select gender
Please select state
Please select city
Please select best date to call
Please select best time to call
Please select Preferred purchase mode
Please select Where did you find about us
Disclaimer Disclaimer
Generate OTP Reset

*Clicking on Generate OTP will send a One Time Password to the entered Mobile Number. Please use this password for verification

Enter the OTP which was sent to your number

Please enter OTP Please enter correct OTP or Regenerate OTP Your OTP has expired. Please Regenerate OTP.
Submit Please wait Re-generate OTP
You have exceeded the number of times an OTP can be generated, request you to please try after sometime.
OTP Regenerated. Please enter the new OTP
*The OTP will be valid only for the next 15 minutes. In case, if you have not received the OTP, click on Regenerate OTP.

Have Us Call You

Verification Successful

Thank you for visiting our website and showing interest in Exide Life Insurance. Our representative will get in touch with you shortly.

 

Back To Home