GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Fund
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Annuity
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Sum Assured
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Maturity Value
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Detailed explanation-1: -Maturity value is the amount the insurance company has to pay an individual when the policy matures. This would include the sum assured and the bonuses. If the policy holder passes away before the policy matures, the beneficiary gets the sum assured along with the bonus too (if any).
Detailed explanation-2: -A sum assured is a fixed amount that is paid to the nominee of the plan in the unfortunate event of the policyholder’s demise. The insurance company pays this money as per the sum chosen by you at the time of purchasing the policy.
Detailed explanation-3: -The sum assured refers to the amount guaranteed by an insurance policy whereas maturity value refers to the amount paid by an insurance company to the policy holder on maturity of the said policy.