what is insurance policy, premium, claim, maturity, lapse, bonus

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what is insurance?

1.An arrangement by which a company or the state undertakes to provide a 
guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

2.a thing providing protection against a possible eventuality


Example: In Simple manner if you want protect your mobile, business, and other Assets by unexpected event,

You need to kept money for separate for future unexpected loss.(Before Insurance)

If You pay 10% value of your Asset, i can pay 100% value if any loss to your Asset in Agreement Period.


Mostly general insurance policy period is 1 year. Life insurance 5 years.


What is Insurance Policy?


An Agreement Between Insurer and Insured is called as Insurance Policy. 


What is Insurance Grace Period?


insurance grace period A life and health insurance provision allowing the insured 30 or 31 days after the premium due date to make payment if the insurance is to stay in force.


What is Insurance Premium?

In general Money we pay to the insurance company


What is sum assured in lic?

Sum Assured is Amount which insurance Policy guarantees certain Amount while you calculating Premium without bonus. 

ex: Plan 5 years with 5000 Annual Plan with sum Assured 1 Crore.


PLAN:0814 New Endowment Plan TERM:12 AGE:25 SumAssured:100000

Yearly (Rs): 8810

Half Yearly (Rs): 4450

Quarterly (Rs): 2248

Monthly (Rs): 749

Disclaimer: Service Tax is not shown in the calculation. Premium Shown Above is Indicative and not Exact

Actual Premium May vary according to Underwriting Rules Applicable.

what is insurable interest?

Insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence of the insured object (or in the context of living persons, their continued survival).

what is insurance maturity?


what is insurance bonus?


Bonus is the interest but not say someting exact like fixed deposit.

what is insurance and types of insurance?

 We Provided infor about Insurance Definition, 

Types of Insurance?


General Insurance 
  • Fire/ House owners/ Householders insurance
  • Personal accident insurance
  •         Health insurance
  • Travel insurance


2. Life Insurance

  • Whole life
  • Endowment
  • Term
  • Investment-linked
  • Life annuity plan
  • Medical and health

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