What is PWB?
PWB stands for premium waiver benefit. In some LIC child plans, PWB is inbuilt feature and in some cases it has to be opted by the prospect. In plans where premium waiver benefit is not an inbuilt part, customer has to pay extra premium to opt it.
What is PPT?
PPT stands for premium payment term. In policies where premium payment term and term are different, PPT is used. Plans like Jeevan Lakshya, Jeevan Tarun, Jeevan Labh etc.
What is FAB?
FAB stands for Final Additional Bonus. FAB is a special bonus given in the policies where policy term is more than 15yrs. FAB is additional to the annual bonus given by LIC.
What is FUP?
FUP stands for First Unpaid Premium.
What is vested Bonus?
In traditional policies, where bonus is declared as profit, whatever bonus is attached to the policy since its inception is called vested bonus.
What is Non Liked?
Non linked is a word for the LIC Children Policies that are not related to share market. These are also called traditional policies. In these policies, profit is given by LIC by the way of bonuses. These are almost guaranteed kind of policies.
What is Term Rider?
Term Rider is special term used in the policies to raise the insurance coverage. For example if sum assured in a policy is Rs 10 lac and customer has to pay annual premium of Rs 50,000/-, now in order to increase the insurance coverage in the policy, the policy holder opt for TERM RIDER. Additional premium is to be paid for taking term rider in the policy.