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What is Endowment policy?
An endowment policy is a life assurance policy with a fixed policy term. The maturity period of an endowment policy can vary, but they are a long-term plan. At the end of the policy term, the insured is paid a guaranteed sum known as the sum assured. In the absence of the insured, the nominee may receive this sum.
What are Guaranteed additions?
Guaranteed additions are additional sums of money credited to you on top of the sum assured. How the additional sum is determined varies from policy to policy. It is payable during the admittance of claim.
What is Hospitalization plan?
A hospitalization plan safeguards you against the expenses incurred during hospitalization. The insured is paid a specified sum which acts as a cover for the medical care you require during a hospital stay.
What is Face amount (Face value) of Life Insurance?
The face amount is the amount a nominee receives from an insurance policy upon the policy’s end.
What is Compound reversionary bonus?
It is a bonus usually added annually to a life assurance policy. This bonus depends on the insurance providing company's financial performance and surplus gained by the end of the financial year. The compound reversionary bonus is calculated based on the sum assured (also known as basic sum assured) and additional bonuses till date. It is compounded annually and is payable at the end of the policy term. Once declared, reversionary bonuses are always guaranteed. These bonuses increase your insurance cover, providing you with even more protection.
What is Asset allocation?
Asset allocation refers to the distribution of assets in an investment portfolio across various asset categories. This is a strategy for reducing risk and optimising the returns from your investments.
What is Annuity?
An annuity is a series of payments at equal intervals under an annuity scheme. These intervals can be yearly, quarterly, monthly etc. An example of the annuity would be regular deposits towards a pension plan. The individual receiving the annuity is known as an ‘annuitant’.
What is Critical illness cover?
Critical illness cover refers to an insurance policy which covers the insured against critical health conditions. If the insured is diagnosed with one of the illnesses specified in the policy’s terms, they are entitled to a lump-sum payment. This sum is exempt from tax and can be used to cover treatment and care costs. A critical illness protects you against unforeseen medical expenses and allows you to focus on your recovery without any financial stress.
What is Additional allocation?
Additional allocation is an additional premium that gets credited to funds annually until the end of the policy term. The time at which the allocation begins depends on the particular plan.
What is Sum assured?
The sum assured is a guaranteed amount that is payable to the nominee of an insurance policy. You can find the sum assured on the policy document's 'Policy Information' page once the policy is issued to you. This sum may be altered in the future according to the terms and conditions of the policy. The final amount adjusted after such an alteration will then become the sum assured.
What is Top-up premium in Insurance?
A top-up premium is an unscheduled premium that you may choose to pay for your policy. The difference is that it is not part of your regular premium dues. You may pay a top-up premium at any point after the policy issue date. This is considered an extra premium that contributes to your insurance coverage. Top-up premium payments are subject to our regulations and conditions which may be revised at our sole discretion from time to time.
What is a Terminal bonus?
The terminal bonus is a bonus that is payable at the end of the maturity period of a with-profits policy. With-profits policies include endowment plans. This bonus depends on the insurance provider's financial performance and the surplus gained by the end of the financial year.
What is Reversionary bonus?
The reversionary bonus is a bonus added to the sum assured of a with-profits life insurance policy. As it is based on the insurance provider’s financial performance and surplus gains, it is usually credited annually. Reversionary bonuses are compounded annually and are payable at the end of a policy term and the sum assured. Once allocated, the payment amount is guaranteed and redeemable when the policy ends.
What is a Term policy?
A term policy is essentially a life insurance policy in which the cover is provided for a specified period of time. This period is known as the ‘term’.
What is Single premium policy?
In a single premium policy, the insured is required to make only a single payment towards the insurance policy at the time of purchase. A single premium policy helps you protect your dreams with a one-time investment.
What is Principal amount guarantee?
At the end of the term of your policy, you are always guaranteed to receive a minimum the principal amount invested by you.
What is ULIP or Unit-linked policy?
A unit-linked policy or ULIP is a life insurance plan which can also act as an investment. It provides the combined protection of a risk cover as well as an investment. ULIPs can help you fulfil your long-term financial goals. They allow for wealth creation via market-linked returns as well as regular payment deposits that grow over time.
What is fund switching?
As a user, you can ‘switch’ your investment capital within the various funds available under a product. Different funds have different risk profiles. Consequently, the types of investments offered are also varied under the same product. Returns on investments are expected to vary according to the risk profile of a fund. Switching your investment amount between various funds can help you maximise your investment returns and get the most value for your hard-earned money.
What is a Limited premium payment term?
A limited premium term is essentially the fixed period for which the insured is to pay premiums. Under this term, you are not required to pay premiums for the entire duration of the policy.
What is an Instant pension certificate?
An instant pension certificate is issued to the insured instantly, as soon as the policyholder receives the notification that their cover has begun.
What is a Life insurance policy?
A life insurance policy is a contract between an insurance provider and a policyholder that pays a lump sum (also known as 'sum assured' or 'cover amount') to a given policy nominee. The policyholder makes regular payments towards the premium in exchange for the financial cover guarantee at the end of the term. A life insurance policy acts as a protective shield for your family and makes sure that their lifestyle is not compromised. The sum assured can also be used to close debts, so that your burden does not become theirs.