As kids if we finished our homework in time, mom would give us our favourite chocolate or prepare our favourite dish! That's exactly how Maturity Benefit works. When you diligently pay your premiums up until maturity, the insurance company pays a lump sum as the maturity benefit, along with a few benefits for being disciplined with your premium payments.
Guaranteed Savings Plans & ULIP policies provide maturity benefits. However, pure term insurance usually offers pure protection without any maturity benefits, unless you have specifically purchased a 'Return of Premium' option.
Maturity Benefit
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