Glossary Table for Insurance Terminology (as of April 2023) :
In order to comply with the insurance regulation, the new insurance terminologies will be applicable to policy provisions, insurance proposals, product brochures and other relevant policy documents and correspondences. The below “Glossary Table for Insurance Terminology” provides you with a mapping of the related terminologies and its new terminologies. You may refer to the applicable terminologies in policy provision for mapping.
Since the original meanings of the terminologies are remaining unchanged, the terminology changes do not change and impact your policy as well as the benefits and terms and conditions.
Glossary Table for Insurance Terminology
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New Terminologies |
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Corresponding Terminologies |
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Annuity |
also known as |
Guaranteed Annuity Payment |
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Guaranteed Cash Payment |
Cash Payment |
|
|
Guaranteed Cash Value |
Cash Value |
|
|
Protection Amount |
Benefit Amount |
|
|
Sum Assured |
Face Amount / Sum Insured / Maturity Benefit / Guaranteed Maturity Benefit / Base Annual Premium / Initial Guaranteed Monthly Income / Guaranteed Monthly Annuity Payment / Notional Amount |
|
|
Terminal Dividend |
Special Dividend / Maturity Dividend |
