As per section 27 of the act :
27(1)(a) : the amount of liabilities to holders of life insurance on account of matured claims, and
27(1)(b) : The amount of liabilities on life insurance maturing for payment...
I wanted to know the exact meaning of term
1. Matured claims, and
2. Maturing for payment.
Matured claims are those claims which if any claim arises then insurance company adjusted all the provisions against such claims and estimated the claims as per their pre estimated formula and the claims should be paid as per net salvage value. Those claims which are paid in net to the insured after all such factors are matured claims.
Maturing for payment is the amount paid to insured at the date of maturity of the premium.
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