The correct answer is D. Payable at any time during the term of a policy.
Reversionary bonuses are bonuses that are paid out of the profits of an insurance company. They are not guaranteed, and the amount of the bonus will depend on the performance of the company. Reversionary bonuses are usually paid out when the policy matures, but they can also be paid out on death or surrender.
Option A is correct because reversionary bonuses are usually paid out when the policy matures. Option B is correct because reversionary bonuses can also be paid out on death. Option C is incorrect because reversionary bonuses are not always paid out on maturity or death. Option D is incorrect because reversionary bonuses are not usually paid out at any time during the term of a policy.