Survival Benefits For Different Term Life Insurance Plans

Know about the survival benefits of the top life insurance plans offered by the best life insurers in the country. Compare the survival benefit between most availed life insurance plans and pick the plan that best suits your needs.
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What is Term Insurance?

Term insurance refers to those life insurance policies that provide coverage for a specific period of time. Since protection is offered for a predetermined a period of time or term, these policies are known as term insurance plans. In case a policyholder holder or the insured individual dies within the time frame mentioned in a term insurance policy, the policy would death benefits to select nominees, provided the policy is in force.Term insurance plans make sure that designated nominees receive a lump sum amount or the sum assured following the unfortunate death of life insured. Term insurance policies provide high coverage at affordable rates.

Survival Benefits

Survival benefit is the amount a policyholder receives at the end of a policy term. In case, you survive till the end of your policy and the policy is active, it will take care of your financial needs by offering survival benefits. Survival benefits may include the followings:

  • Your accrued bonuses.

  • Returns on investment.

  • Total the sum assured.

Term Insurance with Survival Benefits

Recently, the Indian Insurance industry has started offering survival/maturity benefits along with term insurance plans. Initially, the tem insurance plans provided no survival benefits, even if the policyholder survives till the end of term. This seems to be a major drawback of these term insurance policies, because people get upset for not receiving their money back upon survivals. So, in order to benefit the term insurance buyers most and remove this drawback, many life insurance companies in India have started introducing term insurance plans with survival benefits or money back benefits.

Top term insurance plans offering survival benefits in India

Listed below are some of the popular term insurance policies that come with survival benefits:

  1. Aviva i Shield Plan: This is a non-linked non participating term life insurance plan with return of premium. Aviva i Shield Plan is an online plan and provides guaranteed money back benefits at maturity. The plan offers 110% of total premiums paid as survival benefits.

  2. Tata AIA Life Insurance iRaksha TROP: This is also an online term insurance plan with return of premium - a plan that will return all total premiums paid, provided the policyholder survives till the end of policy term

  3. Shriram Life Cash Back Term Plan: It is a non-linked and non-participating term life insurance plan with return of premiums at maturity.

  4. AEGON Life iReturn Insurance Plan: This is an online term insurance plan that returns you the premiums paid, provided the policyholder survives till the end of the policy term.

  5. ICICI Prudential Life Guard Return of Premium: The plan returns all the premiums you have paid so far, when the policy matures.

Key features of Term Life Insurance plans with Survival Benefits

The term insurance plans with survival benefits come with the following features:

Free-look period

  • 15 days for manually purchased policy

  • 30 days for policies purchased online.

Policy term

Minimum- 5 years

Maximum – 30-35 years

Entry Age

Minimum entry age:18 years

Maximum entry age: 65 years

Grace period

15 to 30 days based upon policy modes.

Plan type

Term insurance provides flexibility in terms of choosing a plan. One can choose a plan on single life basis or joint life basis.

Age at maturity

25 year/ 65 years/ 75 years to whole life. It varies from policy to policy.

Policy revival

The policy can revived within the policy revival period.

Premiums

Based on sum assured and age of the applicant.

Premium paying term

Single pay, Limited pay and Regular pay.

Nomination

Nomination is accepted under term life insurance policies.

Sum Assured

Vary from policy to policy offered by various life insurance companies.

Policy coverage

Death benefits and maturity benefits.

Benefits offered by Term Life Insurance plans with Survival Benefits

The term insurance plans with survival benefits may offer the following benefits:

  • Death benefits: The designated nominee will death benefits following the death of policyholder. In case of unforeseen death of the policyholder, the term insurance plan will take care of his/her near and dear ones. Term insurance plans are of of utmost importance for the bread earner of a family to ensure protection to their dependents.

  • Tax benefits: The policyholder may receive tax benefits on the premiums paid for a term insurance plan as per section 80C of the Indian Income Tax Act, 1961.

  • Maturity benefits/survival benefits: If the life assured survives till the end of policy term, the policy will offer survival benefits.

  • Additional Optional Benefits: These plans come with additional optional benefits such as critical illness and accidental death/ disability coverage.

  • The term insurance policies offer insurance coverage at affordable rates.

Thus, term Insurance plans are particularly designed to secure you and your family’s future against unforeseen occurrences. If something happens to the policyholder, his/her dependent would receive financial assistance. So, don’t hesitate! Get a term insurance plan and protect your family’s future.

How to choose the best life insurance plan with survival benefits:

Given that a number of life insurance companies have started offering term life insurance plans, a careful survey of the different plans available in the market would help you to choose the best plan appropriate for you. So, shop around and find the best term life insurance plan to ensure financial security to your near ones.

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Term Insurance Plan with Survival Benefits Reviews

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  • LIC Life Insurance
    "Good investment plan"
    0.5 5.0/5 "Blown Away!"
    Endowment is a well better policy because its good agreement and i get a good returns in future. I got all the benefits from this policy. I pay the premium amount of Rs. 12000 for half year. I'm happy about the returns. There is 21 years policy. I make the premium through online. LIC terms and conditions are transparent.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC
    LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy long back since someone recommended i took the policy from LIC. I have been paying the premium amount of Rs. 15000 every month. I'm not sure about matured amount. Total term of the plan is 15 years. This is tax benefits policy and i make the premium through online.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 13, 2019
  • Kotak Life Life Insurance
    "Smart Life in Kotak"
    0.5 5.0/5 "Blown Away!"
    For my smart life plan in Kotak Life, I used to pay Rs. 50,000 + tax, its a traditional plan compared to all its best in the market. Its primary designed for the employee, now they removed that cap its suitable for all people. Its kind of investment for an example. If I pay Rs.1 lakh in first year from second years onwards the company give Rs. 35,000 hence I need to pay the Rs. 65,000 to next year. Hence the premium will be less its continue till the 75 years and its an incremental benefits. At the end of maturity I get the terminal amount, even it has tax benefits.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 13, 2019
  • Kotak Life Life Insurance
    "Good One"
    0.5 4.0/5 "Great!"
    I have classic endowment which taken from Kotak life, per annum I pay Rs. 25,000 it has duration of 10 years. After maturity I would get the interest and sum assured as a benefits. I opt for the auto debit but I can switch to any mode since I am a staff of Kotak Life Insurance.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 13, 2019
  • Kotak Life Life Insurance
    "Its Fine"
    0.5 4.0/5 "Great!"
    I took premium endowment in Kotak Mahindra life insurance, I used to pay Rs. 25,000 per annum it has the duration of 12 years. I get the best sum assurance, its covers the tax benefits under 80c and 10b. Life cover is also there but the benefit is average.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 13, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Recently i came to know that the Jeevan Policy benefits which i have received based on the share market growth. I got my Jeevan Anand policy in the year of 2006. I have taken it 22 years term period. The agent from LIC is well know to use hence he has given me a suggestion to take the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 13, 2019
  • LIC Life Insurance
    " Benefits can be increased"
    0.5 2.0/5 "Expected more"
    LIC is not prompt in terms of loan term investment, I won't recommend this company. I took Jeevan anand policy, I used to pay Rs. 84,000 per annum it has the duration of 16 years then I will get less benefits only from their end, instead of this plan we can go head for the mutual fund.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 12, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through LIC agent .I am paying the premium on yearly basis.The policy tenure is for 12 years.I have got all the required details about the policy documents .This policy was really good and have good plan benefits .I am really comfortable with the policy .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 11, 2019
  • LIC Life Insurance
    "Very Good and better for future"
    0.5 5.0/5 "Blown Away!"
    10 years ago, i have taken the policy from LIC. The plan name is Jeevan Saral. My uncle suggested me that i get a lots of benefits if i purchase the policy from LIC. The policy is not matured but i have to pay the premium amount of Rs. 6500 yearly and iâ??m not sure about the sum assured amount. Last 6 months, i have been paying the premium through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 10, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the term plan since from last 3 years with HDFC LIFE, the documentation process was done through online, the premium paying was through the yearly once through online. It give the coverage for self. The are no benefits provided with the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 10, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 4.5/5 "Excellent!"
    I have taken my life insurance policy with ICICI bank,there service is quite good, their premium they have charged me was nominal, i pay premium on monthly basis, and their agent had properly explain about the plan benefits and policy ,so far i did not face any issue from them.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 09, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly,the premium amount they have charged me was nominal,and it use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 08, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life insurance corporation of India, the agent had clearly explain me about the plan benefits and policy coverage, they charged given me hard copy of that as well, the premium amount i use to pay on half yearly basis through on line or some i pay directly to branch the premium amount.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jul 07, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life insurance corporation of India, the agent had properly explain me the plan benefits and policy coverage, the policy name is jeevan labh, i need to pay for 16 years and i will get the money at the age of 53 years, for i need to pay for 13 years premium, the premium amount is up to 9,000 on quarterly basis i need to pay through their mobile application i pay premium.
    Was this review helpful? 0
    , nellore
    Reviewed on Jul 07, 2019
  • LIC Life Insurance
    "Best"
    0.5 4.0/5 "Great!"
    I have taken a Jeevan Anand policy by last January with LIC because my friend is working and also its a Government sector. Their customer service is good. The policy tenure is 15 years and have to pay premium of 1850 rupees on a monthly basis. The payment mode is ECS. I am happy with the benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 02, 2019
  • LIC Life Insurance
    "Average"
    0.5 4.0/5 "Great!"
    The benefits are average with LIC. I have taken Bheema Gold policy for savings. The tenure period is 15 years. The payment mode is offline and premium is approx yearly 15K. The customer service is not up to the mark but agent is doing proper response.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 01, 2019
  • LIC Life Insurance
    "Good to protect the family with LIC"
    0.5 5.0/5 "Blown Away!"
    I do have term plan with LIC, I used to pay Rs. 21,300 per annum it has the term of 30 years, the sum assured value is Rs.25 lakhs as a lump sum assured. But there was no critical illness cover only mediclaim is available and there is no accidental benefits.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 28, 2019
  • LIC Life Insurance
    "Good to protect the family with LIC"
    0.5 5.0/5 "Blown Away!"
    I do have term plan with LIC, I used to pay Rs. 21,300 per annum it has the term of 30 years, the sum assured value is Rs.25 lakhs as a lump sum assured. But there was no critical illness cover only mediclaim is available and there is no accidental benefits.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 28, 2019
  • LIC Life Insurance
    "Beneficial"
    0.5 5.0/5 "Blown Away!"
    My third life insurance is with LIC again. This is a endowment policy. The tenure is for 20 years and I will get the benefits only after the maturity term. I pay my premium once a year and it is conveniently done online. The customer service is good and so are the benefits.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 28, 2019
  • LIC Life Insurance
    "Secure"
    0.5 5.0/5 "Blown Away!"
    LIC is always secure and the customer services are good too. I have a second life policy with them which is a money back, but this policy is for 20 years. There is a cash bonus which I get every five years. The premium is on a annual basis. The sum assured and benefits are good.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 28, 2019
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