Date of maturity

Date of maturity is the date on which the life insurance contract ends    and this is always given in the schedule of the policy. In a Term Assurance policy the risk cover terminates on this date. In a Plan with a provision for payment of maturity benefit it is payable on this date. Nomination ends on this date. Date of maturity is arrived at by adding ‘term’ to the date of commencement. On this date all promised benefits like Accident Benefit, Critical Illness etc (except maturity claim) end. Maturity claim belongs to the policy holder who is either the life assured or absolute assignee. There may be Plans like the Jeevan Anand, where after maturity claim is paid a free term Assurance cover is available for some more years. In such cases as per policy conditions the policy continues even after maturity claim is paid.

Key words:

Schedule of policy
Date of maturity
Assignee
Jeevan Anand