TomorrowMakers ™

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Accumulation Period

It is the time interval between the start of the policy and the time when the beneficiary receives the pay out. It is decided by the person buying the insurance policy i.e. the policy holder.


An insurance professional who specializes in assessment of risk factors in order to determine the rates as well as premiums associated with an insurance policy.

Adjustable Life Insurance

A type of life insurance policy wherein a policy holder has the facility to make alterations to his/her insurance policy, its premium, and even its term.

After Tax Rupees

It refers to the disposable income left with the policyholder after he/she has paid all taxes in a financial year, as specified under the Income Tax Act.

Age Limits

The maximum and minimum ages over or below which an insurance company doesn't accept insurance applications or doesn't renew a policy for an individual.

Aggregate Limits

There is a limit on the amount of pay out an insurance company will give under one insurance policy year. Rather than number of occurrences, aggregate limits put restriction on the value of pay out.

All risk Agreement

It is a property or liability insurance contract that covers all risks of loss except those that are particularly excluded.


The beneficiary of an annuity policy i.e. the person during whose life the annuity policy's payments last.


A representative from the insurance company who surveys the insured goods, based on which the premium and extent of policy coverage can be decided.

Benefit Period

It is the time span for which an insurance company provides benefits to the insured person or his/her dependents.

Claim Handling Cost

The amount paid by an insurance company for processing and administration of insurance claims.

EEE Tax Benefit

When a financial product offers an investor the EEE Tax Benefit i.e. Exempt Exempt Exempt, this means that the funds invested in that product, the capital gains and interest income earned on that product, and the withdrawals made from that product, are all exempt from tax.

Guarantee Surrender Value

It is the amount guaranteed to be paid to the policy holder by his/her insurer in case the former voluntarily terminates the policy before it reaches maturity.

Insurable Risk

It is a form of risk which conforms to the rules and statements of the insurance policy in a manner that the insurance criteria are satisfied.


Entering into a contract with an individual or a company on false grounds by making statements which are not truthful.


Securities are stocks or bonds that are issued by corporate or government entities.


A long-term debt instrument with a pre-specified rate of interest, payable principal and due dates, which is issued by a government or a corporation.

Business Insurance

An insurance policy which is taken up by a business for covering up the losses incurred due to attrition of employees.


The termination of an insurance policy before its normal date of expiry either by the insurer or the insured individual.

Cashless Hospitalisation

This is a facility provided by select insurers whereby policy holders can get themselves admitted to a network hospital and receive required treatment without paying any cash to the hospital. Instead, the insurer will settle payment with the hospital directly. The policy holder is required to inform the Insurer and seek approval for all planned hospitalization.


The withholding of relevant/material information which impacts how risky of an investment a policy holder is. This can be a cause for rejection of insurance claim.


Fee paid by insurers to insurance agents for the sale of insurance policies.


Amount of loss borne by the insured, before the Insurance terms and conditions are implied.

Effective date

The date when the insurance policy starts.

Endowment Plan

A savings life insurance policy which has a specific maturity date. In case of an unfortunate event such as the death of the insured, a death benefit equal to the sum assured is paid to the beneficiaries. If the insured survives, he/she receives the maturity benefit.


A person or organization which holds funds in a trust on behalf of someone else. This could be applicable in the case of a minor as well.

First Unpaid Premium

The first premium payment that the policy holder defaults on.

Free Look Period

A period of time after the insurance contract comes into effect (usually about 15-30 days) in which the insured can choose to cancel the policy if he/she is dissatisfied with its terms and conditions or its features.

Guaranteed Policies

Types of insurance policies where the premium and the payment amounts stay fixed throughout the tenure of the policy.

Hit and Run

Death or injury caused by a hit and run accident, wherein, the identity of the person responsible for the accident is uncertain.

Impaired Insurer

An insurance company that is undergoing a financial crisis and is not in a situation to pay off its policy obligations. Though the insurer is not insolvent, there is a high probability that it might not be able fulfil its financial obligations towards the policy holders.

Key Person Insurance

Insurance coverage for an individual whose good health is essential for the efficient continuation of business activities. In case of his/her demise, the business is expected to face severe losses since his/her presence is crucial to its proper functioning.

Limited Pay Policy

A type of insurance policy wherein the policy holder can pay premium for a fixed number of years and then not pay for the remaining years of the policy or his/her life.


A book which elaborates upon the coverage, tenure, returns as well as the applicable terms and conditions of an of insurance policy.

Marine Insurance

A type of insurance which provides coverage for loss or damage of cargo in transit over land, air or water. It also offers protection to ships in case of any damage caused while it is transporting good from one point to another.

Mortality Charges

Also known as Cost of Insurance, this is the amount charged by the insurance company to provide life cover to the life insured.

Networked Hospital

As part of the Cashless Hospitalisation facility offered by some insurers to their policy holders, some hospitals enter into a contract with these insurers to offer cashless care to the policy holders, with the promise that the insurers will settle the bill with them later. These hospitals are called Networked Hospital and are said to be in the Network of that insurer.

Occupational Hazard

Certain occupations expose the insured individual to higher than normal levels of physical danger owing to the nature of the job they are employed in. Such a risk to which the insured individuals are exposed to is known as occupational hazard.


An event which exposes an individual or property to the risk of loss or damage is known as a peril. It may or may not be included and covered by an insurance policy. Example Fire, Earthquake, Hailstorm etc.

Policy Revival

If a policy holder has not made premium payments even after the due date has past and the grace period is over, an insurance policy would usually lapse. In such a case, a policy holder has the right to re-instate this policy. This is called Policy Revival.


An approximate value for the cost of an insurance policy that the insurance company arrives at after taking into consideration all the factors (coverage, tenure and returns) associated with the policy as well as the personal information supplied by the applicant.


Renewal of a lapsed insurance policy, after the grace period is over. This can be done, once the premium and the late fee (accrued amount) has been paid by the insured.


The uncertainty of the future, which is borne by the Insurer, via a policy agreement. Premium is the price that insurers charge for undertaking the risk amount.

Speculative Risk

A type of risk which, when undertaken, results in an indeterminate amount of gain or loss. These risks are a result of purposeful decisions and not unpredictable circumstances.

Term Life Insurance

The cheapest form of life insurance in which protection is offered for a fixed time span in return for premium. The time span is agreed upon by the insurer and the insured.


A process by which insurance companies access the risk involved in insuring an individual, company, etc. This becomes the basis for allocation of risk class and deciding of premium.

Waiting Period

The period of time after an insurance policy is purchased wherein no claims made by the policyholder can be processed by the insurance company, unless stated otherwise in the policy. This period usually lasts for 30-60 days, depending on the insurance company.

Actual cash value

In the property insurance industry, Actual Cash Value is a method of valuing insured property. In case of damage to the property, ACV is the replacement value after depreciation is deducted.

Actuarial Science

It is a subject that deals with the assessment of risks related to insurance using different statistical and mathematical methods.


A change or alteration made to an insurance policy, in terms of increasing or decreasing coverage, which changes the terms and condition of the original legal contract.

Age at Entry

It is the age of the proposer or insured at the time he/she fills the application form for insurance or enters into the insurance contract.


An agent is a representative of the insurance company who sells insurance policies on behalf of the company.

Aleatory Contract

A legal contract in which the performance of one or both parties involved depends upon a particular event. For example, a life insurance contract wherein the insurer only gives a pay out to the family of the insured in case of his/her death.

Annuity Policy

An insurance policy that guarantees regular inflow of income for a particular amount of time, or for the entire life of a particular person or persons.

Application Form

Provided by the insurance provider to the insured, in order to capture the required details for enrollment.

Attained Age

It is one's present age, which is used by insurance companies to calculate premiums. As one gets older, possibility of death during the insurance period cover increases, and so does premium.


An institution or person who inherits the money or property left to them in the form of the contents of an individual's last will and testament, or in the form of proceeds from a life insurance policy, annuity policy or trust.

Claim Settlement Ratio (CSR)

Claims Settlement Ratio on a given day is defined as the ratio of claims paid to nominees by an insurance company and the total claims received from policy holders. For instance, a CSR of 90% would mean that 9 out of 10 claims were settled. The balance claims are either rejected for impersonation, misrepresentation, fraud, etc. or pending for decision by the insurance companies.

General Insurance

Insurance contracts that do not fall in the domain of life insurance are known as general insurance. These include fire, marine, motor, accident, etc.


It is an assurance by one person by means of which he/she agrees to safeguard another person against an anticipated loss.

Lapsed Policy

The policy for which the benefits to the insured have been terminated because of non payment of premium amount on the due date or even after the grace period.


The person who receives the benefit in case of death of the life assured.

Auto Insurance

An insurance policy bought by an individual to diminish the costs incurred on the repair of their vehicle in case of an accident that leads to damage of the vehicle.

Breach of condition

A violation of the terms and conditions of a contract which renders the insurance contract invalid such that it is no longer binding on the parties involved.


A quality of an insurance policy which makes it possible for it to be voided during the policy term, by the insured, for a list of pre-approved reasons.

Captive Agent

An insurance agent who exclusively works for a single insurance company and loyally sources clients only for that company.


It is a request made by the policy holder or beneficiary to an insurance company, to alert them that the payment of an amount is due, in keeping with the conditions of their insurance policy.


The rupee amount of risk and/or liability that an insurance company promises to pay to a policy holder or his/her beneficiary, in case the event that is covered by the insurance policy, should occur.


The right to delay the paying back of something which is bought or borrowed in the present.

Deferred Annuity

A type of annuity policy wherein the receipt of payments is delayed to a certain date in the future.


Fraudulently gaining control of another person or organization's money, by force or scam strategies.


A condition in an insurance policy that restricts or removes coverage for certain risks, people, property classes, or locations.

Fire Insurance

It is a contract under which the insurer agrees to provide cover for the financial loss that the insured might suffer on account of the damage caused to his/her property by fire during a specific period, in return for the premiums paid by the insured.


The intentional misrepresentation or concealment of material facts for the purpose of deceiving another party and gaining an unfair or dishonest advantage.

Grace period

After the due date for payment of premium for an insurance policy, insurers usually allow an additional period of 15-30 days during which policy holders can pay premium without any penalty for late payment. This period is called Grace Period.

Health Insurance

A type of insurance that compensates the insured individual for medical as well surgical costs incurred upon his/her injury and illness.

House Breaking

A form of crime wherein an attempt to commit theft is made by entering the house in a secretive manner.

Investment Income

The amount of money earned through the investment portfolio of an insured individual in the form of dividends, interest etc.

Life Assured

The person whom an insurance policy protects. For example, the Life Assured is the person whose life is insured by a Life Insurance policy and whose nominees will receive a pay-out in case of his/her death.


An amount that the insurance company factors into the cost of premium to cover the operational costs of the company.

Margin of Solvency

The total value of assets in possession of an insurance company must exceed its liabilities by a significant amount as a rule. This amount is known as the margin of Solvency.

Material Fact

Material fact is an important fact pertaining to the subject of insurance and its significance is such that it can alter the decision of the insurer to offer the policy at the agreed rate.


Failure to implement the extent of caution that is required by the law.

Normal Wear and Tear

The unavoidable physical deterioration of the condition of assets and property as a result of time and usage. Normal wear-and-tear increases over time due to usage as well as weather and other natural forces that surround it.

Out of Pocket Expenses

Medical care costs incurred by you which will not be reimbursed by your insurance company.

Policy Holder

An individual who pays regular premiums to an insurance company in exchange for protection offered to him/her as part of the insurance policy he/she has purchased.


The amount that a policy holder must periodically pay the insurance company to receive coverage as per the policy's terms and for a specific period of time.


In Motor Insurance and Health Insurance, this is the amount spent by a policy holder that will be refunded or repaid to them at a later point by their insurer, based on the terms and conditions of the insurance policy.

Renewal Premium

The premiums that are paid after the first time, in order to keep the policy in force. These premiums can be revised based on health check-ups or other factors, depending on the individual policy and the insurer.


It refers to the payment of claim or a policy benefit to the insured or his/her nominee by an insurance company in accordance with the terms and conditions of the insurance policy.

Surrender Value

The value paid by the insurer to the policy holder at the time of termination of the Insurance policy.


Inadequate insurance coverage given to a policy holder. This will result in economic losses for the policy holder if he/she makes a claim, since the claim amount may exceed the maximum pay-out the insurer can provide.

Void Contract

A contract is said to be void, when any of the mentioned terms and conditions are not met, as prescribed in the contract.

Health Insurance Riders


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