Survival Benefits For Different Term Life Insurance Plans

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:

1. Your accrued bonuses.
2. Returns on investment.
3. 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:

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

Benefits offered by Term Life Insurance plans with Survival Benefits

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

1. 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.
2. 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.
3. Maturity benefits/survival benefits: If the life assured survives till the end of policy term, the policy will offer survival benefits.
4. Additional Optional Benefits: These plans come with additional optional benefits such as critical illness and accidental death/ disability coverage.
5. 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.