Insurance, plain English.

Mathematical discipline behind pricing insurance risk.

Optional rider that adds specific benefits to a base policy for extra premium.

Series of payments made at equal intervals, usually as retirement income.

The person legally entitled to receive the payout when a claim is paid.

Distribution model where banks act as corporate agents for insurers — common for life and health products.

Claim mode where the insurer settles the hospital bill directly, you don't pay upfront.

Percentage of claims an insurer settles out of total claims filed, by number, published annually by IRDAI.

Share of the admissible claim amount that you bear. E.g. 10% co-pay means you pay 10%, insurer pays 90%.

Policy that covers both third-party liability and own-damage losses. Usually for motor.

Fixed amount you pay before the insurer starts paying. Common in super top-up plans.

Any subsequent change to the policy after issuance, e.g. address change or adding a rider.

A peril, person, or loss that the policy does not cover, listed explicitly in the wording.

The 15-day window after policy issuance during which you can cancel for a full refund.

Premium refund (less mortality / stamp / risk charges) when a policy is cancelled within the 15-day free-look window.

Time allowed after the premium due date during which the policy stays in force. Typically 15–30 days.

Insured Declared Value — market value of a vehicle used to set the maximum claim payout.

Integrated Grievance Management System — IRDAI portal where customer complaints are tracked end-to-end.

Amount paid to the policyholder at the end of a savings-cum-insurance policy term.

Hospital that has a cashless tie-up with an insurer. Not every hospital is a network hospital.

Discount on renewal premium for a claim-free year. Health: increases sum insured; Motor: percentage discount, up to 50%.

Person named in the policy to receive the death claim amount.

Any condition diagnosed or treated within 48 months before buying the policy.

Health policy feature letting you switch insurers at renewal while keeping waiting-period credit.

Feature that restores the sum insured when it's exhausted, for unrelated illnesses in the same year.

Optional feature added to a base policy — e.g. critical illness, accidental death.

Per-day limit on room rent. Lower rent is usually capped at 1% of sum insured for standard plans.

Maximum amount the insurer will pay in a policy year for health/motor/travel claims.

Insurer's ratio of assets to liabilities. IRDAI mandates a minimum of 1.50× — below 1.30× the regulator takes supervisory action.

Covers liability for injuries or damage you cause to others. Legal minimum for motor.

Process of assessing risk and deciding whether (and at what price) to offer cover.

Time during which a particular benefit is unavailable after policy issuance.