Maturity claim

• Par Plan :The amount payable on maturity = sum assured + any accumulated bonuses any outstanding and interest thereon.
• In some cases the premiums paid over the tenure of the plan are returned on maturity. These plans are termed as "return of premium" (ROP) plans by some insurers.
• In the case of ULIPs, the insurance company pays the fund value (or on some cases the fund value and the sum insured) as the maturity claim, at the end of the plan's term.
• In the case of a money-back policy, the sum insured - survival benefits + bonuses are paid at the end of the policy

Types of Claims

Survival Benefit payments

For money-back policies the insurance company makes specific payments to the policy holder at specific times during the term of the policy. These payments are called as survival benefits.

Surrender of the Policy

The policy holder opts for a premature closure of the policy. The amount payable to the insured is called surrender value.

Rider Benefit

A payment under a rider is made by the insurance company on the occurrence of a specified event according to the rider terms and conditions.

Eg: "accidental death benefit (ADB) rider, Critical Illness rider(CI) rider. The policy contract continues even after rider payments are made.