7 terms with concise definitions
A facility offered by health insurers where the insured does not pay cash to the hospital for covered treatments; the insurer settles the bill directly with the network hospital.
An insurance product that covers the cost of medical treatment, hospitalisation, and related expenses incurred by the insured.
Insurance Regulatory and Development Authority of India — the apex body that regulates the insurance industry in India under the IRDA Act, 1999.
A discount or reward given by the insurer on the renewal premium if the policyholder does not make a claim during the previous policy year.
The amount paid by the policyholder to the insurance company, either as a lump sum or periodically, to keep the insurance cover active.
The fixed amount that the insurance company agrees to pay to the nominee on the insured event (death or maturity) under a life-insurance policy.
A pure life-insurance plan that provides financial cover to the nominee in case of the policyholder's death within the policy term, with no maturity benefit.
