Survival Benefit Dues

LIC survival benefits come with money-back plans. As the name suggests, these plans offer your savings back to you in small portions over some time. Survival benefits are a great way to keep a check on your money. With each payout, you get to use the sum to pay for a key milestone in your life. Let's find out more about survival benefits with LIC policies.

LIC survival benefits come with money-back plans. As the name suggests, these plans offer your savings back to you in small portions over some time. Survival benefits are a great way to keep a check on your money. With each payout, you get to use the sum to pay for a key milestone in your life. Let's find out more about survival benefits with LIC policies.

What Are The Survival Benefits?

Every life insurance policy offers coverage throughout the policy term. If the policyholder dies within this period, his/her family gets the death benefit. But, if he/she survives the whole duration, they will get the maturity benefit.

Survival benefit, on the other hand, is an amount that is given to this policyholder if he/she survives specific years within the policy term. This amount is defined as a percentage of the basic sum assured and is fixed for each policy year.

Important Pointers about Survival Benefits in LIC

• Survival benefits in LIC come with money-back plans.
• The final maturity benefit for some policies may reduce by the amount of survival benefit paid out.
• The amount and the policy years on which it is to be paid out are fixed and cannot be changed.
• Survival benefits that are already paid out have no bearing on the death benefit amount.
• However, on the death of the policyholder, any pending survival benefit amount ceases.