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Important Health Insurance Terms


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Title: Important Health Insurance Terms

Important Health Insurance Terms to Know
Life Insurance is highly important in terms of
having your financial future secured. It is
important that you opt for a policy or a plan
that meets your needs. 
Some important basic terms that will help you in
understanding Life Insurance better
  • 1) Beneficiary
  • People who have been named in the policy to
    be eligible for getting the earnings of your
    policy, after your death.
  • 2) Cash or Surrender Value
  • The cash amount against which you can get a
    loan and which is available for withdrawal in
    case of urgency. If you choose to use this value,
    your death benefit goes down and increases the
    likelihood of policy lapsing.
  • 3) Sum assured
  • It is the smallest amount assured to the
    policy owner. It plays an important part in
    deciding the amount paid as premium. In case of
    your death, the policy holder gets minimum of
    this amount.

  • 4) Premium
  • The amount you have to pay to the insurer
    so as to avail life insurance protection. It
    depends on your age, kind of insurance
    policy selected and your health status.
  • 5) Endowment policy
  • A policy which is a combination of
    life insurance protection as well as investment.
    It invests money in debt instruments. The life
    cover is in vogue till the policy matures.
  • 6) Policy term
  • Period during which you have to pay premiums
    to enjoy life insurance protection
  • 7) Term policy
  • A policy providing just the life covers without
    any investment aspect. There are no returns on
    this policy, making it the cheapest policy.

  • 8) Whole life policy
  • A policy providing life insurance
    protection till your death, as well as returns on
    the premiums paid. The premiums are invested in
    different debt instruments.
  • 9) Unit link insurance policy
  • A policy with life insurance protection and
    returns on the premiums paid. Here you invest in
    debt, equity or a mixture of both. Policy holder
    has the option of deciding where his premiums are
    invested. This is one of the most expensive
    insurance plans in the market.
  • 10)  Policy holder
  • A policy providing just the life covers
    without any investment aspect. There are no
    returns on this policy, making it the cheapest

  • 11)Paid-up policy
  • A policy that is in vogue but there are no
    more premiums paid.
  • 12)  With profits policy
  • A policy where the insurance company awards
    the policy holder a part of its profits as bonus.
    Bonuses can be either yearly or on the expiry of
    the policy
  • 13)   Policy loan
  • A loan given by the insurer to the policy
    holder from its general funds. It uses the
    policys cash value as collateral for the loan..

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