It can also refer to the period between dates of subscription of the policy till the date of commencement of risk on an insured's life. (aegonlife.com)
It is given at the maturity of the policy or when the person dies after commencement of risk cover. (policybazaar.com)
If death occurs before commencement of risk, an amount equal to fund value of life insured would be paid to nominee. (myinvestmentideas.com)