This shows the extent to which policy holders stay with their insurer and the insurance policy. It can be measured by looking at policy renewals each year. It thus, measures the amount of business in terms of number of policies and the premium an insurance company is able to retain in a given year. It ...
These are additional benefits that can be added to your basic insurance policy, but come at a cost. For example, you can add a critical illness rider to your basic life insurance policy. In the event of a critical illness you will get the payout under this rider. The insurance policy continues as it is ...
Sum assured is the amount you are insured for. In case of insurance for inanimate objects, the sum assured is what you will get and reduces as goods age or their depreciated value changes. In case of life insurance, there is a portion of fund value or bonus payouts depending on the type of policy ...
This is the amount you pay for keeping an insurance policy active. Usually paid in a lump sum at the start of the policy term or annually through the term, it includes all the charges and levies by the insurance company. The premium amount is based on the assessment of the matter being insured which ...