TERMINOLOGIES

What is partial withdrawal?

•UNIT LINKED POLICIES PROVIDE

FLEXIBILITY TO ITS POLICY HOLDERS TO
PARTIALLY WITHDRAW SOME AMOUNT OF
MONEY FROM HIS OWN ACCUMULATED
FUND VALUE BEFORE POLICY TENURE IS
OVER.

•ITS IS ONLY ALLOWED IF ALL DUE

PREMIUMS HAVE BEEN PAID ON TIME AND
THE POLICY IS IN -FORCE.
SURRENDER VALUE
it is the amount the policyholder will get from the life insurance company if
he decides to exit the policy before maturity.
BENEFICIARY
a beneficiary is a person who gains an advantage from something.

It typically refers to someone who is eligible to receive distributions

from a trust , will or life insurance policy.
 NOMINEE

A person or a company ,not the owner , in whose name a stock , bond, or

company is registered.
ASSIGNMENT
Transfer of ownership of property, or of benefits, interests, liabilities ,
rights under a contract(such as insurance policy), by one party to
another by signing a document is called DEED OF ASSIGNMENT.
 RENEWAL PREMIUM
Renewal premiums are the subsequent premiums that are paid by the insured
to the insurer in order to keep the policy in operation and avail the benefits
accordingly.
TERMINAL BONUS
It is also called persistency bonus.

it is paid once i.e. At the time of maturity of the policy. It is the sort of
loyalty bonus given to policyholder for maintaining the policy till
maturity.
ACCRUED BONUS
A bonus expense should be accrued whenever there is an expectation
that financial or operational performance of company at least equals
the performance levels required in any active bonus plans.
 REVERSIONARY BONUS
a bonus added to the sum payable on death or at the maturity of a with-profits
assurance policy.
PROPOSER
A proposer is a person who submits the request for insurance coverage
.
A proposer becomes the insured when the application has been
accepted and the contract brought into being.
 LIFE ASSURED
Life assured is the person whose life is covered in the insurance contract.
In event of contingency the insured can claim the amount or in event of the
death of the assured, the nominee will receive the insurance amount.
ALLOCATION CHARGES
It is the percentage of the first year premium charged by the insurer
before allocating the policy .
These are initial charges incurred by the company at the time of policy
insurance.