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 cover for entire life"
    0.5 5.0/5 "Blown Away!"
    Chosen the life insurance policy from LIC its because of the good benefits. Jeevan policy has a coverage till life time. I have not paid the premium for a couple of years even though they are giving a proper reminders every year. This is a tax cover policy.
    Was this review helpful? 1
    , pune
    Reviewed on Dec 07, 2019
  • LIC
    LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have purchased many policies from LIC and the main one in Jeevan Anand policy. Its because of the Government undertaken policy and this company has many more benefits so that i have chosen it. I have been paying the premium amount of Rs. 19,400 per year. They are giving a sum assured amount of Rs. 8 lakhs.
    Was this review helpful? 1
    , bulandshahr
    Reviewed on Dec 03, 2019
  • LIC Life Insurance
    "Every Indian Citizen has to enroll with LIC"
    0.5 5.0/5 "Blown Away!"
    I have purchased my life insurance policy from LIC. Based on the benefits and assured returns i have chosen them. Already I'm getting good returns from other policy. Its a money back policy which covers for 20 years. I bought the policy 17 years before. Every 5 years once, I get certain amount to my account. Now they have digitized their process.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 26, 2019
  • LIC Life Insurance
    "Important policy for life"
    0.5 5.0/5 "Blown Away!"
    LIC is Government undertaken policy and many people have taken the policy. This policy safe for life. I bought the Jeevan Anand policy. They have given me coverage amount of Rs. 2 lakhs and it has good benefits. This policy term period is 20 years. I have selected the half yearly premium with the amount of Rs. 6700.
    Was this review helpful? 1
    , tirupur
    Reviewed on Nov 26, 2019
  • ICICI Prudential Life Insurance
    "Not that much good Policy"
    0.5 1.0/5 "Really Bad"
    I took my life insurance policy from ICICI prudential and the agent cheated by saying the benefits. In this plan, i need to pay for 7 years with the amount of Rs. 50000. Once i paid the money, there is a lock in period of 8 years but the interest rates are getting less and i feel like end of the term i won't get any additional benefit.
    Was this review helpful? 1
    , tirupur
    Reviewed on Nov 26, 2019
  • LIC Life Insurance
    "Best life cover"
    0.5 5.0/5 "Blown Away!"
    I have taken a Life Insurance policy from LIC. The coverage value was Rs. 3,00,000.The tenure was 20 years. Annual premium which i am paying Rs. 2000. I never called a customer service for any quires. I can avail a tax benefits in this life insurance policy.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Nov 19, 2019
  • LIC Life Insurance
    "Money back policy"
    0.5 3.0/5 "Satisfactory"
    Recently i have taken a Life insurance from LIC . This is a money back policy, i will be getting some good returns after 18 to 20 years. Actually, I have availed this policy for tax benefits. If any demise happen to me then my nominee would be getting the benefits.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 19, 2019
  • Bajaj Allianz Life Life Insurance
    " they really care about their customers"
    0.5 5.0/5 "Blown Away!"
    I am with Bajaj Allianz life insurance since 3 years, it was suggested by my financial adviser, honestly, there is some good plan and the premium amount they have charged me was nominal, and it has a good feature with lots of benefits. I would like to make a note they really care about their customers. They are prompt while it comes to service.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 15, 2019
  • Bajaj Allianz Life Life Insurance
    " I feel very satisfied "
    0.5 5.0/5 "Blown Away!"
    I have taken a policy with Bajaj life insurance, the agent made sure I am clear with the plan and its benefits. I chose Bajaj Allianz because the claim settlement ratio is good I feel very satisfied and secured. I wish to recommend this insurance provided
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 14, 2019
  • LIC Life Insurance
    "LIC is best for insurance"
    0.5 4.0/5 "Great!"
    I have chosen LIC because its a very old company and reliable and my father also recommended about this company since he had the policy. I have selected the Jeevan Bhima policy. For this policy, i have to pay the premium for 13 years and i get the benefits after 25 years. There is a lockin period for 7 years. I have been paying the premium amount of Rs. 2223 for every month.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 12, 2019
  • LIC Life Insurance
    "Golden Policy"
    0.5 5.0/5 "Blown Away!"
    LIC- Jeevan Anand policy is really good. After the end of the term, we get the entire amount as per the plan after that it will cover upto 100 years so we get double benefits thats the reason i have chosen the Jeevan Anand policy. I pay the premium amount of Rs. 9600 per annum. They give me a sum assured amount of Rs. 3 lakhs.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 12, 2019
  • LIC Life Insurance
    "Good Experience"
    0.5 5.0/5 "Blown Away!"
    LIC is Government related company so they will give good customer response. I have chosen the term period of 15 years. I have paid the premium amount of Rs. 25000. I make the premium through the LIC agent. Finally end of the day, we can reap the benefits.
    Was this review helpful? 0
    , jaipur
    Reviewed on Nov 12, 2019
  • LIC Life Insurance
    "It should be short term with good benefits"
    0.5 3.0/5 "Satisfactory"
    LIC is not good and the policy was taken by my parents. The tenure is 20years which is too much long. They have taken for savings benefits. I am not satisfied with the offers because nowadays lot of insurer is giving better than LIC. The payment mode is online.
    Was this review helpful? 0
    , aurangabad
    Reviewed on Oct 24, 2019
  • ICICI Prudential Life Insurance
    "Good "
    0.5 4.0/5 "Great!"
    I took term insurance policy with ICICI PRUDENTIAL on one year before , they have given clear details about benefits and are good. The agent has given hard copy documents on time. My premium is paying through credit card on monthly basis for 14 thousands. The tenure period for 20 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 24, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 4.0/5 "Great!"
    I took 2long term policies with LIC, the benefits are good. My premium is automatically debited from my account on a monthly basis around 7K. The total tenure is 10years. The maturity benefits are good. It was taken for future savings and tax return.
    Was this review helpful? 0
    , thane
    Reviewed on Oct 23, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken one life insurance policy with Life insurance corporation of India on 6 months before, the agent had clearly explain me about the plan benefits and policy is jeevan santhi, the premium amount i use to pay on monthly basis, so i use to pay the premium amount through an online.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 20, 2019
  • LIC Life Insurance
    "Below Average"
    0.5 2.0/5 "Expected more"
    I have taken a 4life insurance with LIC and doing the premium of around 12,000rupees per annum through online and ECS. Their customer service needs an improvement. They are not good in the benefits. The tenure is 10 and 15years. It was taken for tax and future benefits.
    Was this review helpful? 0
    , pune
    Reviewed on Oct 19, 2019
  • Max Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have chosen a life insurance policy from Max life which was referred my agent. This policy is going to mature in next year and the tenure is 15years. The benefits are okay but at the period it was good. Sometimes, the executive will call me to check if any issues are there because they have started the payment through the application before 2 to 3years ago.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 19, 2019
  • LIC Life Insurance
    "Endowment won't give cash benefits."
    0.5 5.0/5 "Blown Away!"
    Earlier i have done the policy from LIC without any reason. I have a endowment plan. I'm paying the premium amount of Rs, 60000 per annum. I'm satisfied with the sum assured amount. Total term period of the policy is 18 years. Its a tax benefits policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am having 4policies with LIC which is Money back and endowment policy. I am doing periodic payment, the total sum assured is 30L. The premium is deducted from my salary, around 9K. The maturity benefits are very good. The tenure is around from 20 to 23 years. It was taken for both future savings and tax benefits.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 18, 2019
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