Life Insurance Term
Maturity Benefit
The amount you receive if you survive the policy term.
What is Maturity Benefit?
A maturity benefit is the amount paid to you when a savings-oriented policy completes its term and you're still alive. Pure term plans have no maturity benefit; endowment, ULIP and return-of-premium plans do.
It's the 'survival' payout, as opposed to the death benefit paid to a nominee.
Example
A return-of-premium term plan refunds your premiums as a maturity benefit if you outlive the term.
Related terms
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