| WORD | DESCRIPTION |
| In Force | Insurance on which the premiums are being paid or have been fully paid. |
| Income tax Liability | It refers to the direct tax the policyholder has to pay against his income during a particular financial year under the Income Tax Act of 1962. |
| Incontestable Clause | A clause in the policy providing that a policy has been in effect for a given length of time (two or three years), the insurer shall not be able to contest the statements content in the application. in life policies, if an insured lied as to the conditions of his health at the time of the policy was taken out that lie could not be used to contest payment under the policy if death occurred after the time limit stated in the incontestable clause. |
| Increasing term Insurance | Term life insurance in which the death benefit increases periodically over the policy's term. usually purchased as a cost of living rider to a whole life policy. |
| Inflation rates | Refers to the rise in prices of all commodities (or a specific set of commodities) over a specific period of time. |
| Insurability | All conditions pertaining to individuals that affect their health, susceptibility to injury and life expectancy; an individuals risk profile. |
| Insurance plan term | The period at the end of which an insurance plan matures is called the insurance plan term. The policyholder gets the sum assured at the lapse of this period or at the time of his death whichever occurs earlier. |
| Insurance plan value | The amount for which the policyholder wishes to insure himself through an insurance plan is the plan value. |
| Insurance Policy | The printed form, which serves as the contract between the insurer and the insured. |
| Insurance proceeds | The lump sum that a policyholder or the beneficiary designated by him will receive in the event of his death within the term of the plan or when the plan matures. |
| Insured | The party who is being insured. in life insurance, it is the person because of his or her death the insurance company would pay out a death benefit to a designated beneficiary. |
| Insurer | Party that provides insurance coverage, typically through a contract of insurance. |
