I have a life insurance policy and I am not understanding that how to setup or show in chart of account. I am also not clearly understanding that how to enter premium and maturity withdraw. please tell me how to setup and premium entry and maturity withdraw.
Your expenditure on the premium is an ordinary expense. Post it to a suitable expense account, such as Insurance.
You need to explain exactly what you mean by “maturity withdraw.”
When you take life insurance, the insurance company promises you that you will have to pay the premium every year till the age of 60, after that the company gives you your deposit and bonus on it. This is maturity amount.
It sounds like you are using Manager for personal financial record-keeping. But regardless, these transactions are simply payments and receipts that should be posted to appropriate expense or income accounts. They are not unique in any way.