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Term insurance is a popular insurance choice today. The main reason for its popularity is the death benefits the policyholder’s family gets in an eventuality. The nominee or beneficiary receives the death benefit or the sum assured after the policyholder’s demise. The amount is decided at the beginning of the term insurance.
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Pure term insurance plans usually do not offer survival benefits. You have to pay a premium until the term limit. If you don't survive the policy your family receives a death benefit.
Term Plans
Earlier, term insurance plans in India did not offer survival benefits. This meant that if you survived the policy tenure, you did not get any benefit from your insurer. However, nowadays, rules have changed, and insurers have come up with term plans that pay survival benefits along with death benefits.
Some insurers offer the survival benefits as a return of the term premium with their term insurance plan. By adding this rider to their term insurance rider, policyholders get the entire amount they paid to the insurer in the form of premiums.
Adding an extra cover to the term insurance plan may attract a premium increase, but you get the entire amount you have paid. Some insurance companies have survival benefits or money-back benefits built into their insurance contract.
Note: Now that you know that Does Term Insurance Include Survival Benefits, you should also get to know about what is term insurance to buy a term plan for your loved ones.
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There are multiple benefits attached to the term insurance plan with survival benefits. Some of them are listed below:
Policy Term: You can purchase a term insurance policy with survival benefits for a term period of 5 years to 35 years, depending upon the insurer.
Age Limit: Minimum age of the policyholder at the time of term application must be over 18 years. The maximum age of the policyholder at the time of term application must not be over 65 years of age. The maximum age for purchasing term insurance differs from insurer to insurer. Some insurers offer term insurance policies specifically catering to senior citizens.
Maturity Period: Age of maturity is also the term limit of the term insurance. Policyholders are free to select their preferred term limit. The maximum age of maturity that most insurers offer is 75 years.
Premiums: The insurer decides the premiums after revaluating term cover, age and gender of the policyholder, and add-on riders. Payment frequency also affects the premiums.
Nominee: Assigning nominee or the beneficiary is mandatory while purchasing the insurance policy. In the absence of the nominee or the beneficiary, the policyholder's next to kin is eligible to claim the insurance amount.
Sum Assured: Sum assured differs from policy to policy and individual to individual. Policyholders get the sum assured amount as per the chosen plan.
Policy Coverage: Policy offers a staple death benefit along with the survival benefit or the return of the premium benefits.
Grace Period: If you fail to pay your premiums on time, your policy will not become inactive directly. Your insurer will provide you with the grace period to make the payment. The usual grace period limit is 15 to 30 days depending upon the insurer.
Freelook Period: Term insurance plans with survival benefits have a free look period. You can quit the policy after 15 to 30 days of policy purchase without attracting any penalties. If you have paid any premium in the free look period, you will get a refund on the premium you paid during that period.
Term insurance plans with survival benefits also have multiple other benefits. Such as:
Death Benefit: It is the prime benefit of the term insurance plan. Even if you choose the policy with the survival benefit, your term insurance will still cover the death benefit. In case of an eventuality, your nominee or the beneficiary can claim the death benefit. If you outlive your policy, you will be eligible to get the survival benefit.
Tax Benefits: The insurance money you receive or the death benefits that beneficiaries receive is tax-free under the Income Tax Act, 1961, Sec 10(10D). You can also claim a tax rebate on the premiums you pay while filing your income tax returns. You are eligible to claim up to Rs. 1.5 Lakhs under Section 80 C. (*Tax benefit is subject to changes in tax laws. Standard T&C apply.)
Survival Benefits: This specific benefit is only offered with the term insurance policies with the survival benefits. If you outlive your insurance policy you will get all the money you paid as premiums. Some insurers also offer bonuses along with the survival benefit. If your insurance policy does not have a survival benefit inbuilt in the contract you can include the return of the premium rider in your term insurance cover.
Additional Benefits: Some insurers offer term insurance plans with survival benefits along with cover for critical illness, accidental disability, or accidental death benefits.
Affordable Rates: Term insurance policies with survival benefits are a lot cheaper when compared to other life insurance policies. The benefits you reap from the term insurance are far greater and safer than investing in the market.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
Many insurance companies in India offer term insurance plan with survival benefits. A few of the popular term insurance plans with survival benefits are listed below:
AEGON Life iReturn Insurance (Dual Protect) plan: You can avail of this plan online. In case you survive till 60 years, you get survival benefits. The benefits continue till the life assured dies or is diagnosed with a critical illness before plan maturity.
Aviva Life Shield Advantage Plan: This is a term plan that offers the return of the premium benefit. At the end of the term period, you get all the premiums including a bonus as the survival benefit. The money you get at the time of maturity is guaranteed.
ICICI Prudential Lifeguard Return of Premiums: This policy specifically caters to the individuals who are looking for a policy with survival benefits. If you outlive the policy you get the premium money back.
Shriram Life Cashback Term Plan: It is a non-linked, non-participating term insurance plan. You get all the premium back if you survive the term limit.
Tata AIA Life Insurance iRaksha TROP: It is a plan that you can avail yourself of online. If you outlive the plan you get all the premiums you have paid until the maturity period of the term insurance plan.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
A Term Insurance plan with the survival benefit is a protection plan. The plan gives financial assistance to your beneficiary in your absence. You also get survival benefits if you outlive the policy. It is advised to carefully evaluate and read the terms and conditions of the plan before you make any decision.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†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
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