Does the amount for health insurance policy lapse?

Q: Does the health insurance policy (GIC) amount lapse, if not used?

A:Yes, it does. The premium that you pay covers the risk for the year and nothing more. I realise that you might be comparing this with the life insurance policies where in there is a maturity value of the policy. But unlike life insurance, herein you dont get anything in return on maturity of the term.