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  • Survival Benefits For Different Term Life Insurance Plans

    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.


    Based on sum assured and age of the applicant.

    Premium paying term

    Single pay, Limited pay and Regular pay.


    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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