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When a policy matures, the policyholder can claim the maturity benefits offered by the plan from the insurance company. The insurance company will provide a fixed amount for traditional policies and a variable amount for market linked policies such as ULIPS after the policy matures. However, this can be only done if all the terms of the policy are fulfilled. To receive the maturity benefits, the policyholder should have paid all the premiums as per the terms and conditions of the plan.
Initially, the maturity benefits are limited to the total amount paid in premiums, but the amount can rise every year. That is why investment-based insurance plans are considered for investments as well as insurance. Here a steady increase in the corpus fund is observed and at the end of the policy term this is given out as maturity benefit.
Generally life insurance policies come with maturity benefits with a policy period of 5, 10, 15 or 20 years. Here not only does your family get death benefits on your unfortunate demise, but if you survive the policy period then even you can avail certain benefits that come with the plan. It’s a win-win situation for you and your family. As compared to term life insurance policies, where you lose the advantage of the paid premiums, if you survive the tenure of the policy, maturity-benefits policies ensure you returns.