A contract in which the insurer pays a sum to the nominee if the insured person dies, or on maturity in some plans.
LIC is India's largest life insurer.
Related terms in Insurance & pension
Annuity
A regular payment, usually monthly, bought with a lump sum, often used for income after retirement.
Atal Pension Yojana (APY)
A pension scheme for people aged 18-40 that gives a guaranteed pension of Rs 1,000 to Rs 5,000 a month from age 60. Income-tax pa…
Ayushman Bharat PM-JAY
A government health insurance scheme that gives up to Rs 5 lakh a year per family for hospital treatment.
Bancassurance
Banks selling insurance products of insurance companies to their customers.
Claim settlement ratio
The share of claims an insurer pays out of the total claims it receives in a year.
EPFO
Employees' Provident Fund Organisation, which runs the provident fund and pension schemes for salaried workers in the organised s…
General insurance
Insurance for things other than life, such as health, motor, home, travel and crops.
IRDAI
Insurance Regulatory and Development Authority of India, the insurance regulator, set up under the IRDA Act, 1999.
National Pension System (NPS)
A market-linked, defined-contribution pension scheme regulated by PFRDA. Mandatory for central government staff who joined from 1…
PFRDA
Pension Fund Regulatory and Development Authority, which regulates NPS and APY.