A life insurance policy with maturity benefits allow individuals to get a double advantage from their existing policy. Not only does your family get death benefits in case of your untimely absence or permanent disability but also, if you do live on throughout the term of maturity, there are additional benefits available, which are much more than what you stand to gain. There is different policy duration including 5, 10, 15, or 20 year maturity period. Most people survive such terms. Therefore, instead of simple life insurance policy where you stand to lose the premiums paid if you stay alive, it is a good idea to go for policies that provide maturity benefits. This surely makes a good sense.
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Here are some of the features related to life insurance policy with maturity benefits.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Maturity benefit signifies the claim of the policyholder once the policy matures. Insurance companies settle a definite sum to the clients when the maturity tenure is complete. The perquisite of getting the claimed amounts is a thorough continuation of the policy and the completion of the term under the contract. Generally, the maturity sum is a multiple of the premiums paid up to that time and the additional benefits which the insurance company chooses to give to the policyholder.
In the initial stages, the benefits related to policy maturity remains equal to the total sum paid in premium and this increases gradually on a yearly basis. The regular addition is definite and mentioned in the policy rules and regulations from the very first. Generally, the policyholder gets bonus amounts at the end of the policy term. The corpus gets bigger gradually, and the company pays it in full to the client at the end of maturity term.
The life insurance plans with maturity options are highly popular with the buyers since this provides many flexible choices, which are not present anywhere else. First of all these are extremely affordable plans for investment, that anybody can buy without problems. Besides, these come with guaranteed increased returns whatever be your policy term. Therefore, this helps in the generation of a substantial corpus that can come in handy under any circumstance. The premium amounts are low and do not put extra pressure on your finances. Those who want can surrender their policy after definite periods or make a partial withdrawal as they see fit.
People go for life insurance to keep their family secure and allow their children to continue with their education even when they are no longer there to oversee the proceedings. In a life insurance policy with maturity benefits, all the regular feature related to life insurance remain the same, albeit with additional money return guarantees when you go through the policy term.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyWith additional advantages and no extra charges, life insurance policy with maturity benefits forms an ideal choice for those who want to ensure the well-being of their near and dear ones, even in their absence. This not only provides a strong financial backup when you are not present but also allows you to reap the myriad benefits on policy maturity when you stay alive!