Maturity benefits is a lump sum provided to the life assured in case he/she survives the entire policy tenure. The maturity benefit is provided to the life assured at the end of the policy term and it also qualifies for tax exemptions.
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What Are Maturity Benefits Of Life Insurance Policy?
Under a life insurance policy a death benefit is provided in case of an unforeseen demise of the life assured during the policy tenure but some life insurance policies provide a maturity benefit. In case the life assured survives the entire policy tenure, a maturity benefit is provided to the life assured at the end of the policy term. Maturity benefits refers to a lump sum amount that the insurance company provides to the life assured after the life insurance policy matures and in case the life assured has survived the entire policy tenure.
Types Of Life Insurance Policies That Offer Maturity Benefits
Some life insurance policies provide maturity benefits at the end of the policy tenure in case the life assured survives the entire policy term. Below mentioned is a list of types of life insurance policy that offer maturity benefits:
- Term Insurance With Return Of Premiums (TROP): Term insurance policies with return of premium are basically protection plans that provide death benefit in case of an untimely demise of the life assured during the policy tenure and also provides a maturity benefit after the insurance policy terminated, in case the life assured survives the policy tenure.
- Endowment Plans: Endowment plans are considered as a combination of investment cum insurance plans. Under endowment plans, the life assured is provided a maturity benefit in case the life assured survives the policy tenure along with accumulated bonuses (if any) as this life insurance policy is participating in nature.
- Unit-Linked Insurance Plans (ULIPs): Unit-linked insurance plans are market linked insurance plans wherein the part of the premiums are invested in market linked investment options to generate returns and remaining premiums are utilized for life cover. Under ULIPs a maturity benefit is provided upon the life assured’s survival during the entire policy term.
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