GK
INSURANCE AWARENESS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
This is the date on which the policy was sold to the customer/person insured.
|
|
|
The date on which the insurance company makes the final payment to the insured person which is normally fifteen days after the “payment due date”.
|
|
|
This is the date on which the contract between the person and insurance company will come to an end.
|
|
|
This is the date on which the policy holder will have to submit his/her claim seeking the amount of the policy. Otherwise the company will not make any payment to him/her.
|
Detailed explanation-1: -The date at which your life insurance policy matures, i.e., comes to an end is known as the maturity date of the policy. On the maturity date, you are liable to receive all the maturity benefits. For example, if you have taken a savings plan for 10 years in 2020.
Detailed explanation-2: -The maturity benefit is a lump-sum payment made by the insurance provider when the policy has reached its expiration date. It simply implies that if your insurance policy has a 15-year term, you, the insured, will get a payout at the end of those 15 years.
Detailed explanation-3: -Maturity benefits are the sum assured along with bonuses that your life insurance provider pays to you when you survive the policy tenure. Thus, maturity benefits turn regular life insurance products into saving instruments. However, term insurance offers pure protection without any maturity benefits.
Detailed explanation-4: -The most important one to know is your insurance policy’s effective date, which is the date your policy is activated. Date of issue simply refers to the date your insurer created the contract (your insurance policy), which isn’t necessarily when your coverage starts.