What are the Differences Between Survival Benefit and Maturity Benefit?

What Is the Maturity Benefit?

What Is Survival Benefit?

Difference between Survival Benefit and Maturity Benefit

Feature Maturity Benefit Survival Benefit
Payout Time You get the maturity amount only after the maturity period. You can get this survival benefit in the middle of the policy period.
Availability This benefit is available in all life insurance plans except for the pure term plans. It is available only on some selected plans like the money back plans.
Payout Mode You can select either the lump-sum or periodic pay-out option.

In the lump sum option, you will get the entire amount at once. In the latter option, your insurance company will pay you the maturity benefit periodically in small break-ups.
You will get survival benefits only after the pre-specified policy term. With these smaller pay-outs, you can fulfil your financial goals if planned properly.

Now that you know the underlying differences between survival benefits and maturity benefits, you can properly distinguish these two. You can also decide whether you would like to get the survival benefit or keep your sum assured intact.

Frequently Asked Questions

Can I Get the Survival and Maturity Benefits at the Same Time?

You will not be able to get both the survival and maturity benefits under one policy. You will get only one of these, whichever meets the terms and conditions of the policy at the time of claiming.

What are the Essential Advantages of Survival Benefits?

The fixed amount that you get as a survival benefit of your policy can help you fulfil your financial goals. You can leverage this benefit as an extra income source. You can even adjust this survival benefit against your upcoming premium payment. Furthermore, this guaranteed amount is also free from any market risk.

When Can You Claim Maturity Benefits?

You can file your claim for maturity benefits at the end of the policy term.