Maturity
The date when an endowment policy is scheduled to pay out the lump sum to the policyholder.
Detailed Explanation
On the maturity date, the policyholder receives the specified amount, regardless of whether the insured person is still living.
Practical Example
Sarah's grandfather's endowment policy had a maturity date set for her 18th birthday. On that date, she received the full payout of the policy.
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