My LIC insurance policy says :
"Maturity Return : Sum Assured with Bonus on Policy maturity. Life cover continues till death"
what does it mean to cover life after maturity & returns?
Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It only takes a minute to sign up.Sign up to join this community
If you have taken a policy of [say] Rs 100,000 for a period of [say] 15 yrs. Then this policy will give you at the end of 15 years Rs 100,000 + Bonus [say 50,000]. Normally for most policies the life cover would now terminate. However in this policy, your life cover continues till you die, ie whenever you die, your nominee would get additional Rs 100,000.
If you have already purchased this policy, OK, else its advisable to stay away from such policies as the premium loading is not transparent.
Life cover until death is additional death benefit after policy maturity till age 100. If u live till age 100. The sum is given to you WITHOUT ANY INTEREST. This cover is applicable only after maturity of the policy. Hence such policy is very expensive in cost and normal person does not really need insurance after retirement.