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Survival Benefit Meaning in Life Insurance

Survival benefits in life insurance refers to the additional benefit amount paid to the policyholder in case he/she outlives a specific period of the policy term. This additional payout can help the policyholder take care of their mid-policy financial needs and ensure their family’s financial protection along with creating wealth in the long run. Let’s understand the survival benefit meaning in detail: 

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What are the Survival Benefits in Life Insurance?

Survival benefits in life insurance are an additional benefit that the insurer pays the policyholder on surviving a certain portion of the policy term. This benefit may be paid once or at fixed intervals, depending on the T&Cs of the policy. 

Survival benefits are different from maturity or death benefits in that they are paid during the policy term, and after the survival benefit payout, the policy still continues its coverage. Whereas the death benefit is paid on the death of the policyholder, and the maturity benefit is paid when the policyholder outlives the policy term, but in both death and maturity benefits, the policy terminates after the benefit payout. 

To understand the survival benefit of life insurance meaning, you need to know that this benefit is paid only when the policyholder outlives a ceratin period of the policy term, if the policyholder suffers an unfortunate death during this period only the death benefit is payable.

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Can I get Survival Benefits In Life Insurance? 

Yes, you can get surivival benefits with your life insurance but only with some specific policies. The survival benefit amount, the duration and frequency of survival benefit payout, and other such factors differ for different policies as per their respective T&Cs. 

Why Do I Need Life Insurance With Survival Benefits?

Survival benefits are not offered with all types of life insurance. Thus, it is suggested that you read the policy documents carefully to ensure that the policy meets your needs, as survival benefits in life insurance can offer the following benefits:

  • Encourages Investment: It encourages individuals to invest in life insurance as they are aware that after surviving a certain period, they will be eligible to receive additional amounts during the policy term.

  • Pay for Financial Needs: The policyholder can use the survival benefit amount to take care of their child’s education, pay off remaining loans, or pay for any unexpected expenses that may arise.

  • Prepare for Retirement: In case your insurance policy offers the survival benefits after your retirement, the amount can help you live a stress-free and financially independent post-retirement life.

  • Enhance Financial Portfolio: Investing in life insurance with survival benefits can enhance portfolio diversification by combining savings with coverage, providing a balanced approach to financial security and growth.

  • Tax Benefits: The amount received as a survival benefit of the life insurance plan is free of taxes. Policyholders don’t have to pay taxes on survival benefits u/s 10(10D) of the Income Tax Act, 1961. 

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Factors to Consider Before Buying Life Insurance With Survival Benefits?

Here is a list of factors that you should consider before buying life insurance with survival benefits:

  • Policy Term: You need to assess when the policy will start paying the survival benefits and the duration you need to outlive to receive these benefits.

  • Payout Intervals: Most life insurance with survival benefits offer these benefits at different intervals like annual, bi-annual, or at intervals of a few years.

  • Premiums: The premiums for life insurance with survival benefits are slightly higher than the regular term insurance plans.

  • Payout Amount: You should always assess the payout you are eligible to receive as maturity benefits and as survival benefits to ensure that it meets your financial needs.

  • Flexibility and Riders: You should check if the life insurance with survival benefits allows any customisations or addition of riders for an enhanced coverage.

Wrapping it Up!

Survival benefits in life insurance are the additional benefits paid during the policy term if the policyholder outlives a certain portion of the policy term. These benefits are not offered under all life insurance policies, thus, if you want to avail of these benefits, make sure to have a thorough look at the policy documents to check if the selected policy offers this benefit or not.


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