What to do with maturing insurance policy: Earn more interest, this is how
My insurance policy is maturing next year. Can I continue with the plan and earn more interest if I don't withdraw the money? - Harsh Jeswal
There are few plans available in the insurance market space that offer you the flexibility to continue with your savings even after the tenure of the plan is over. Typically this option is available with unit linked plans. This option is called as a settlement option and during this period you fund continue to remain invested and participate in the growth. As we have limited information on the type of your plan, we suggest you to refer to your policy document and check for this option.
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In case you policy does not offer such an option, we would suggest to reinvest your maturity proceeds provided you do not need the funds in the recent times.
By: Sumit Rai
(The writer is MD and CEO- Edelweiss Tokio Life Insurance)
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Source: DNA Money