Study Guide · Chapter 14
Insurance, Pension & Social Security
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18 key terms | One-line exam reference
| Abbreviation | One-line meaning |
|---|---|
| APY | Atal Pension Yojana — pension scheme for eligible citizens. |
| EPF | Employees’ Provident Fund — retirement savings scheme for eligible employees. |
| EPS | Employees’ Pension Scheme — pension scheme for eligible employees. |
| ESI | Employees’ State Insurance — social-security and health-insurance scheme for eligible workers. |
| GIC | General Insurance Corporation of India — reinsurer for general insurance business. |
| IRDAI | Insurance Regulatory and Development Authority of India — insurance-sector regulator. |
| LIC | Life Insurance Corporation of India — major Indian life insurer. |
| NAV | Net Asset Value — per-unit value of a mutual fund or investment fund. |
| NPS | National Pension System — defined-contribution pension scheme. |
| PFRDA | Pension Fund Regulatory and Development Authority — pension-sector regulator. |
| PMJJBY | Pradhan Mantri Jeevan Jyoti Bima Yojana — government-backed life insurance scheme. |
| PMSBY | Pradhan Mantri Suraksha Bima Yojana — government-backed accident insurance scheme. |
| PPF | Public Provident Fund — long-term government-backed savings scheme. |
| SA | Sum Assured — amount promised under an insurance policy on a covered event. |
| SBI LIFE | SBI Life Insurance Company Limited — life insurer associated with SBI. |
| TPA | Third-Party Administrator — entity handling specified health-insurance administration. |
| UL | Unit Linked — relating to insurance products linked to investment units. |
| ULIP | Unit Linked Insurance Plan — insurance product combining protection and market-linked investment. |
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