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Survival Period

The survival period is an essential clause in every critical illness policy. The duration of the survival period varies from a couple of days to a month depending upon the selected plan.

Settlement Option

When a life insurance returns its maturity benefits or pays the death benefits, it is called payout settlement. Settlement option refers to the arrangement according to which the life insured/ nominees receives the benefits whether in a structured periodic way or as a lumpsum.

Single Premium

The amount of money paid in a lump sum for the entire term to get the life insurance cover is called the single premium. Single premium life insurance policies seek one time premium payment to cover the life insured for the whole policy period.

Standard Risk

Insurance risk that the underwriters of the insurance companies consider common or normal is called standard risk. The standard risk is associated with almost all life insurance applicants.

Substandard Life Insurance

Substandard life insurance, also known as impaired risk life insurance, refers to a type of life insurance coverage offered to individuals who have higher risks associated with their health, occupation, hobbies, or lifestyle. Substandard life insurance policies are designed to provide coverage to individuals who may not qualify for standard life insurance due to these increased risks.

Suicide Exclusion

The term "suicide exclusion" in insurance refers to a provision in insurance policies that excludes coverage for death by suicide within a specified period after the policy's inception.

Sum Assured

A sum assured is the fixed amount of money that is paid to the nominee in the event of the unfortunate death of the life insured.

Surrender Meaning

A policyholder can terminate the life insurance before it reaches maturity by surrendering the policy to the insurance company. Once this is done, the insurer pays a cash value known as the policy's surrender value.

Survival Benefit

The survival benefit of a life insurance policy pays an amount to the policyholder when the life insured outlives the policy term, and no death claim is filed. This benefit is generally paid at the end of the premium payment term.

Switching

Switching is transferring or changing investments from one fund to another. Switching is initiated depending on the returns expected.