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Question
Bonus payable on maturity of the policy is termed as ________________.
Bonus payable on maturity of the policy is termed as ________________.
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Solution
The correct option is B Reversionary bonus
A reversionary bonus would normally be declared at the end of every financial year. They are payable at the time of claim i.e. at maturity or on the death of the life assured or surrender during the policy term.
A reversionary bonus would normally be declared at the end of every financial year. They are payable at the time of claim i.e. at maturity or on the death of the life assured or surrender during the policy term.
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