Insurance Terms Every Beginner Should Know

Premium

An amount you pay regularly to keep your insurance policy active.

Sum Insured

The sum insured is the maximum amount your insurer will pay during an emergency in a policy year.

Deductible

A deductible is the amount you pay first before the insurance coverage begins.

Waiting Period

The waiting period is the time before certain illnesses or benefits become eligible for claim.

Renewal

Renewal helps you continue your insurance coverage without giving up on accrued bonuses.

Co-Payment

Co-payment is the sharing of a fixed part of the incurred bills between the insured and insurer.

Sub Limits

Sub-limits are fixed limits of claim on certain treatments, even if your total insurance cover is higher.

Cashless Treatment

Cashless treatment lets you get treated without paying upfront at network hospitals.

Master Insurance Like a Pro

Explore the complete A-to-Z list of insurance terms to better understand your policy.