Hi fraggle,
I'm 100% with Baracuda on this one. Here's a few back of an envelope calculations.
Most insurance companies work on the assumption that the average person will live to their mid-eighties - that's going up slowly as people's health improves across the board.
Even if both of you live to be 100, the insurance company will only receive another €46,000 in premiums. I don't know how long you've had the policy, but let's say I assume you were very sensible and started it 15 years ago, then you've paid in about €11,000 to date. So by the time you'd BOTH hit 100 years old, you'd have paid in less than €58,000 in premiums. Even allowing for improvements in medical science and longevity, the statistical likelihood of you both plodding along for too many years beyond that is tiny.
There has to be something missing here and you owe it to yourself to find out what it is. I find it highly unlikely that you'd be given a policy that will definitely pay out €210,000 at some point but you're VERY unlikely to pay anything more than €60,000 into. Even allowing for the fact that the insurance company can invest your money and generate a return, it still doesn't add up to me.
As Baracuda says, get it in writing from the insurance company.