Survival benefit is the amount that you will receive after you survive the policy’s duration.
Survival Benefit is mostly present in policies that offer to cover for your whole life (100 years) and money-back plans.
In Canara HSBC Life Insurance’s Money Back Advantage Plan, you are given money back payouts at regular intervals as a Survival Benefit.
15% of the sum assured is provided to you after the end of the 5th, 9th, and 13th years of the policy. The remaining sum assured is given on maturity.
If you opt for the century option of Invest 4G from Canara HSBC Life Insurance.
It is commonly mixed with ‘maturity benefit’ since you get this benefit after the policy matures. But these terms do have a difference.
Both survival and maturity benefits do not become payable under the same policy. It'll be either one of these.
Though the primary motive of a life insurance policy is to provide your family with financial protection if you die. But life insurance plans with investment value offer a survival benefit if you complete the policy term without a claim.