The amount that is paid to the policy holder at the end of policy term is called maturity value. Every policy that you buy comes with a policy term. After the policy term ends he policyholder is paid a final amount that is called maturity value.
A policy holder can surrender his or her policy before the end of the policy as well depending on the policy they have taken. In premature surrender the value given to the policy holder would be called maturity value.
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