NOTE 4 144 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  Financial liabilities relating to insurance  and investment contracts  1 On demand < 1 yr  amount 1 < 5 yrs  amount 5 < 10 yrs  amount > 10 yrs  amount Total amount 2010 Insurance contracts  – 6,171 27,874 22,716 132,102 188,863 Insurance contracts for account of policyholders  – 5,617 23,853 21,096 72,824 123,390 Investment contracts  – 5,571 13,580 2,180 5,669 27,000 Investment contracts for account of policyholders  90 5,778 20,447 19,837 83,020 129,172 2009 Insurance contracts  – 6,169 24,766 20,165 124,647 175,747 Insurance contracts for account of policyholders  – 5,490 21,821 17,945 70,682 115,938 Investment contracts  – 8,140 15,425 2,350 5,916 31,831 Investment contracts for account of policyholders  77 3,698 16,464 19,853 79,368 119,460 1  The projected cash benefit payments are based on management’s best estimates of the expected gross benefits and expenses partially offset by the  expected gross premiums, fees and charges relating to the existing business in force. Estimated cash benefit payments are based on mortality, morbidity  and lapse assumptions comparable with AEGON’s historical experience, modified for recent observed trends. Actual payment obligations may differ if  experience varies from these assumptions. The cash benefit payments are presented on an undiscounted basis and are before deduction of tax and  before reinsurance. The liability amount in the consolidated financial statement reflects the discounting for interest as well as adjustments for the timing  of other factors as described above. As a result, the sum of the cash benefit payments shown for all years in the table exceeds the corresponding liability  amounts included in notes 19, 20 and 22. The following table details the Group’s liquidity analysis for its  derivative financial instruments, based on the undiscounted  contractual net cash inflows and outflows on derivative  instruments that settle on a net basis, and the undiscounted  gross inflows and outflows on those derivatives that require  gross settlement. 1  Financial derivatives include all derivatives regardless whether they have a positive or a negative value. It does not include bifurcated embedded  derivatives. These are presented together with the host contract. For interest rate derivatives only cash flows related to the pay leg are taken into  account for determining the gross undiscounted cash fl ows. Maturity analysis (derivatives$^{ 1}$) (Contractual cash fl ows) 2009 On demand < 1 yr  amount 1 < 5 yrs  amount 5 < 10 yrs  amount > 10 yrs  amount Total amount Gross settled Cash infl ows  – 15,805 20,208 18,926 38,119 93,058 Cash outfl ows – (15,906) (20,791) (20,035) (38,933) (95,665) Net settled Cash infl ows  – 545 1,640 1,633 5,750 9,568 Cash outfl ows – (625) (1,731) (1,697) (4,970) (9,023) Maturity analysis (derivatives$^{ 1}$) (Contractual cash fl ows) 2010 On demand < 1 yr  amount 1 < 5 yrs  amount 5 < 10 yrs  amount > 10 yrs  amount Total amount Gross settled Cash infl ows  – 18,348 14,658 16,355 36,753 86,114 Cash outfl ows –  (18,298)  (14,859)  (16,871)  (37,040)  (87,068) Net settled Cash infl ows  – 450 1,252 1,610 5,999 9,311 Cash outfl ows –  (645)  (1,280)  (1,475)  (5,102)  (8,502)