Examples of Maturity Benefit in a sentence
Maturity Benefit means the amount payable on the Maturity Date in accordance with Part C.
If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option and commute the outstanding instalments, the same shall be allowed on receipt of written request from the Life Assured.
Maturity Date means the date specified in the Schedule on which the Maturity Benefit becomes payable.
Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up policy.
If the Life Assured is alive and this Policy is a Reduced Paid-up Policy on the Maturity Date, the Maturity Benefit payable will reduce in proportion to the number of Instalment Premiums received to the total number of Instalment Premiums payable for the Premium Paying Term.