Insurance terms, decoded.

The amount paid (usually annually) to keep an insurance policy active.

The maximum amount payable by a health insurer under a policy in a year.

The guaranteed payout in a life insurance policy — paid to the nominee on death.

The person who owns the insurance policy.

The person designated to receive the policy benefit in case of the policyholder's death.

The person entitled to receive policy proceeds (often the same as nominee).

The amount the policyholder pays out-of-pocket before the insurer's coverage kicks in.

A fixed percentage of the claim amount that the policyholder must bear.

The initial period during which certain claims are not payable.

A health condition that existed before the policy was purchased.

A health-policy discount or sum-insured bump earned for a claim-free year.

A claim where the insurer settles directly with the hospital — you don't pay upfront.

A claim where you pay the hospital first and are reimbursed by the insurer later.

A hospital that has a cashless tie-up with your insurer or TPA.

An entity that processes health insurance claims on behalf of the insurer.

An optional benefit added to a base policy for an extra premium.

The extra time given after the premium due date to pay without losing benefits.

When a policy stops being active due to non-payment of premium beyond the grace period.

A 15–30 day window after receiving the policy in which you can cancel for a full refund if dissatisfied.

The right to switch health insurance providers while retaining accumulated waiting-period credit.

Continuing a policy for another term by paying the premium before/at expiry.

The process insurers use to assess risk and decide policy terms and premiums.

The percentage of claims an insurer settles out of total claims received in a year — a key reliability indicator.

Conditions, treatments, or events specifically not covered by a policy.

A single health policy covering multiple family members with a shared sum insured.

A pure life-cover policy that pays a death benefit if the insured dies during a fixed term.

An estimate of the financial value of a person's future earnings — used to size term cover.

A weight-to-height ratio used as an underwriting input by health insurers.

A health-policy feature that automatically refills the sum insured if it's exhausted in a year.

The Insurance Regulatory and Development Authority of India — the regulator for the Indian insurance sector.