Age at Maturity
Definition:
Age at maturity is the age at which investors' life insurance policy matures.
Description:
Age at maturity will help you decide better whether investing in a particular policy will pay back the maturity proceeds at the right age.
Age at maturity could be as per policy term chosen by the investor or the default term.
Example:
Example 1: Mr. Suresh plans to invest in a life insurance policy at the age of 35. He is planning to invest for a property purchase 10 years from now. His age at maturity is 45 years considering 10 years policy term.
Example 2: Mrs. Kritika plans to invest in a child plan for her 10-year-old daughter Ananya for her higher education. When she reads through the product brochure, she understands that the policy matures after 15 years. Taking into account the current age of the daughter that is 10 years,she realizes that the policy will mature when Ananya will be 25 years old. The age at maturity does not match the higher education age which is between 18-21. Hence Mrs. Kritika decides to invest somewhere else.
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