Does one get the premiums paid towards a term insurance policy back upon maturity?
Term Insurance plan is a pure risk plan wherein a very low cost is paid to cover life for a specific term
Does one get the premiums paid towards a term insurance policy back upon maturity?
Sita Rani, Kolkata
Term Insurance plan is a pure risk plan wherein a very low cost is paid to cover life for a specific term. If the insured person survives the term, then normally s/he gets nothing but if the insured does not survive the term, the legal beneficiaries get the amount equivalent to the sum insured. However, there are term policies available these days that do repay the premiums if the insured survives the term of the policy. Depending on which policy you have and the benefit it offers you may or may not get money on maturity of the term policy.