Term life insurance plan is an absolute must when it comes to safeguarding and protecting your loved ones against unforeseen events. Most of us spend a major portion of our time earning in order to protect the future of our loved ones without even realizing the fragility of human life.
None of us are aware of what the future holds for us, therefore, it becomes vital to invest a small portion of your earning in a tool that provides financial support to your loved even in your absence. This is where term life insurance plans come into the picture. Although, there is nothing comparable to human life with the right term life insurance you can ensure that your loved ones do not have to struggle for mere necessities.
In most cases, people opting for term life insurance have a common question i.e., what if I complete the tenor of the policy without any unfortunate event, will I get any returns on the premium paid? Will my premium be wasted? Technically, term life insurance plans are designed and developed as risk mitigation tools and have no maturity benefit associated with them.
However, after assessment of customer’s needs, different insurances have started coming with term life insurance policies with maturity benefit to make sure that your invested money does not go in vain. In this thread, we are going to dive deeper into the nuances of maturity benefits associated with term life insurance plans.
Term life insurance plans that come with maturity benefits are new to the market and tend to vary from provider to provider in terms of features and benefits. The majority of policies that come with maturity benefits have a term in the range of five to twenty years. In case, the policyholder passes away within the policy period the nominee of the plan will get the sum assured. Contrary to this, if the policyholder surpasses the policy period then maturity benefits can be claimed based on the plan and provider.
The payable premium of term life plans with maturity benefits is a bit higher in comparison to conventional health insurance plans as these plans are not just risk mitigation tools instead, a guaranteed pay-out.
Here’s a rundown on the major advantages and benefits of term life insurance with maturity benefits-
Term Life insurance plans with maturity benefits are classified on the basis of the services and returns they offer. In this section, we will take a closer look at types of term life insurance plans with maturity benefits along with their purpose and benefits:
The features of term life plans with maturity benefits are as follows-
In a Nutshell
The insurance market in the UAE is diverse and tends to change with the needs of customers. If you want an insurance plan that provides a guarantee of return you can opt for term life insurance with maturity benefit. This way you can not only manage to safeguard the financial future of your loved ones but also protect your paid premiums.