Understanding Survival Benefits

Life insurance provides financial security for loved ones in today’s unpredictable world. You just need to select a coverage plan and pay regular premiums for your loved ones to receive a sum assured amount in case of your death. In addition to the death benefit, insurance policies have other benefits. One such benefit is the survival benefit. This article explores more about survival benefits.

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What is Survival Benefit?

Survival benefits in life refer to the additional monetary compensation you receive for surviving a predetermined duration. This period is usually after the end of the premium payment term. However, it is important to read the terms and conditions of your term insurance policy at the time of purchase to know the amount of compensation and the duration after which it will be received.

It is also important to note that survival benefits are only payable to the policyholder for outliving a certain number of predetermined years. The benefits are not transferable to the beneficiary/ nominee upon the policyholder's death.

Let us understand survival benefits through an Example:

Rakesh was a newly married 29-year-old. In order to plan for his children’s higher education, he took a policy with a policy term of 20 years and a premium-paying term of 12 years. According to the policy documents, he was supposed to receive 1 lakh rupees every two years after the premium payment term was over. 12 years passed by and his father became sick. The survival benefit compensation of 1 lakh every 2 years helped Rakesh pay for his father’s medicines.

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How do Survival Benefits Help?

Only some insurance policies offer survival benefits. It is important to check if your policy has these benefits to avail its advantages. The following are some of the survival benefits:

Survival benefits encourage policyholders to invest in long-term policies, as they know they can benefit from the additional payout after a certain period.
The money received as survival benefits can be used for expenses, including education, medicine, healthcare, etc. This way, these new savings can be utilized for short-term or long-term goals.
From a financial perspective, investing in a policy with a survival benefit can help in portfolio diversification for the policyholder with an efficient combination of savings and coverage from an insurance provider.

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What is the difference between Survival Benefit and Maturity Benefit ?

The following table explains the difference between Survival and Maturity Benefits:

Parameter	Survival Benefits	Maturity Benefits
Definition	Payments made to the policyholder at specified intervals during the policy term, provided the policyholder is alive. The periods are pre determined.	The amount paid to the policyholder at the end of the policy term, provided all premiums have been paid.
Purpose	To provide financial support at various stages during the policy term.	To offer a lump sum amount at the policy’s maturity as a long-term savings mechanism.
Timing	Paid at regular intervals during the policy term.	Paid at the end of the policy term

Wrapping it up!!

Survival benefits in life insurance policies offer valuable financial support by providing periodic payouts to policyholders who outlive a specified period. This feature not only enhances the appeal of long-term insurance plans but also ensures that policyholders can manage various expenses during their lifetime. By understanding and taking advantage of survival benefits, individuals can make more informed decisions about their insurance needs and better plan for their financial futures.

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.

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FAQs

What is Survival Benefit ?

Ans: Survival benefit in life refers to the additional monetary compensation you receive for surviving a predetermined duration. This period is usually after the end of the premium payment term.
What is the difference between Survival Benefit and Maturity Benefit ?

Ans: Survival benefits are payments made to the policyholder at specified intervals during the policy term, provided the policyholder is alive. Whereas Maturity benefit is the amount paid to the policyholder at the end of the policy term, provided all premiums have been paid.
Can I get survival and maturity benefits at the same time?

Ans: You cannot receive survival and maturity benefits at the same time as they serve different purposes. Survival benefits are paid during the policy term, while the maturity benefit is paid at the end of the policy term.
Am I taxed on Survival Benefits ?

Ans: Survival benefits received from a life insurance policy are generally tax-free under Section 10(10D)** of the Income Tax Act, provided certain conditions are met.

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˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

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