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

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

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 to protect your mobile, business, and other Assets by unexpected event,

You need to keep the money for separate for future unexpected loss.

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

The most general insurance policy period is 1 year. Life insurance 5 years.

General insurance     Home insurance

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

What is sum assured in lic?

Sum Assured is Amount which insurance Policy guarantees a 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 financial or other kinds 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?

The bonus is the interest but not say something exactly like a fixed deposit.

what is insurance and types of insurance?

 We Provided info 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
Check the list of Insurance companies in India.
insurance policy, premium, claim, maturity, lapse, bonus
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