Personal Finance & Money Asked by Dhanya Balakrishnan on May 10, 2021
I have taken a life insurance policy from Edelweiss Tokio called "Edelweiss Saral Jeevan Bima". The details of my policy is given below.
Term: 15 years
Premium Amount: Rs 50,000.00
Sum Assured: Rs 500,000.00
Frequency of Payment: Annual
My age: 23 years (Non-smoker, non-alcoholic)
I want to know how much return will I get after the maturity?
Brochure – https://www.edelweisstokio.in/term-insurance-plans/saral-jeevan-bima
PS: I bought this plan to save tax without reading further into the plan. Any help in understanding the maturity benefit is much appreciated.
Looking at the details, this is pure term insurance. Term insurance does not pay out at maturity - it pays out in the event that you die within the term, and pays nothing if you do not. So there is no "return" at maturity.
This is specified in one of the FAQs:
Does this plan have a Maturity Benefit?
As this is a pure term plan, no benefit is payable on maturity.
Term life insurance is used to provide for your dependents, or anyone that depends on your income if you were to die. If you do not have such dependents, then there is no need for term life insurance, other than possibly a small amount to cover any funeral/burial expenses.
Answered by D Stanley on May 10, 2021
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