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Fig 01: A dispersive prism, material dispersion (a wavelength-dependent refractive index) causes different colors to refract at different angles, splitting white light into a rainbow
    Source : Wikipedia dispersion  

Refractive index

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The refractive index (or index of refraction) of a medium is a measure for how much the speed of light (or other waves such as sound waves) is reduced inside the medium. For example, typical glass has a refractive index of 1.5, which means that in glass, light travels at 1 / 1.5 = 0.67 times the speed of light in a vacuum. Two common properties of glass and other transparent materials are directly related to their refractive index. First, light rays change direction when they cross the interface from air to the material, an effect that is used in lenses and glasses. Second, light reflects partially from surfaces that have a refractive index different from that of their surroundings.Definition: The refractive index n of a medium is defined as the ratio of the phase velocity c of a wave phenomenon such as light or sound in a reference medium to the phase velocity vp in the medium itself:n = c / vp

Simply, it is the Specific property of medium to propagate or refract light or radiation.

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