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Generally when you finish paying the premiums of your life insurance policy, it is marked as outlived. It becomes forfeited as it is not a savings plan. Regular term plans terminate at the end of the policy period and no survival benefits are offered.

There are scenarios where the insurance company pays the policyholder maturity benefits on completion of the plan. However, note that maturity benefits are offered only for certain life insurance plans like ULIPs, investment plans, Term Return of Premium Plans, etc and not for regular term plans.

When a typical life insurance policy ends, you will no longer have life insurance coverage. In most cases, you will have to purchase a new term life insurance to continue enjoying life coverage. Some term plans allow the policyholder to convert it into a permanent policy at the end of the term.

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