What is the meaning of “LIC survival advantage”?
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I do Agree with Earlier Answers. In Our Life Insurance coverage there are 3 kinds of Insurance Policies.
- Term insurance coverage
- Whole Life insurance coverage Policies. Endowment tipe of Policies there are Refund Policies likewise available to fecilitate the Policy Holders requires. In Cash Back Policies there is a Fecility to get Periodically say Every 3/4 or 5years the Certain amount from Policy will be paid to the Policy Holders to fulfill their needs. This Refund will be around 10%, 15%, 20%, 25%, 30%, & &40%as specified in Strategy! All these Cash back amount, if in force will be paid at the Survival of the Policy Holders on the defined Time. These are called Survival Benefits. At the Maturity the SB Quantity will be subtracted, the balance quantity Accumulated Reward will be Paid to the Policy Holder.
- In case of death of the policy holder the paid SB’s will not be subtracted, overall Sum Assured, in addition to Benefit will be paid to the Nominee! Thank You.
In insurance coverage there are essentially two kinds of life policies.They are term guarantee and endowment assurance policies.Under endowment policies the sum ensured is payable on death it occurs within the policy term or at the end of maturity. Under endowment type of policies Lic issues anticipated endowment policies wherein the total terms is divided into 3 or four equal terms.Suppose a policy is of twenty years term then duration is divided into four equivalent regards to 5 year each. On the survival of the Life Assured on the of fifth year 25 %. is paid and at end tenth year survival another 25%, at of fifteenth year another 25%and survival at 20 th year the balance 25%payable.Suppose death happens at any time during the currency of the policy term full amount ensured is payable regardless of any survival advantages having actually been paid in between.
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LIC serves the policies with types of plans, to soothe the people of our country. It is the person go with particular strategy based on his will and wish, considering his top priority for future.
‘ Survival Benefit’ is meant to be paid to the policy holder, on the term & & condition of the life policy, to the holder on his survival at a period, counted from the date of start of life policy, to the specific percetage of Amount Assured. In easy words, it is payable to the Money Back plans. It is payable to the individual on his survival only, supplied the life policy is completely inforce.
These quantities are lowered during paying Maturity Worth.
Nevertheless, death cases has some exeption also.
In money back plans LIC will pay some portion of SUM ASSURED as the benefit … say expect in a money back strategy of 20 yrs term with 5lacs sumassured LIC provides payment as below due to the fact that celebration is surviving on that day …
After 5 yrs -20%= 1lac
After 10 yrs-20%= 1lac
After 15 yrs-20%= 1lac
After 20 yrs-Remaining @40%= 2lac bonus as appropriate
In a policy issued by lic particularly refund policy payments are made at various phases even before maturity say after evey five years these payments are called survival advantages m l vohra
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If an individual had taken a 15 year life insurance coverage policy within the period the person who has died his household can get survivor benefit. If the policy get grown without giving up the policy the insured person can get the survival advantage. That’s all.
There are some refund insurance policies, in which after a space of specific duration a prefixed percentage of sum assured is credited in the policyholders account, this prefixed amount is called survival advantage.
It is refund quantity of every 4 or 5 (for cash back policy only) years. Submit your next information for survival benefit.
Means money back of particular set portion every 3,4,5 years to life ensured.
Adding to what fellow Quorans have currently responded to,
- Online Claim Center is not offered as of now, so you must visit your nearby branch.
- Your Bank Particulars needs to be upgraded with LIC, for any sort of payments to be made by NEFT. If your information are not updated you require to check out the nearby branch with a zerox of your bank passbook and/or a cancelled cheque, and a copy of your PAN. please remeber to carry the originals for verification.
- Generally the Survival Benefit is straight credited to your registered Savings account around your Due Date( If you had offered your bank information previously), however in some cases, when the amount of survival benefit is higher than a particular quantity( state greater than 50000), you will require to fill a DISCHARGE VOUCHER, to declare your survival advantage.
Hope it assists.
LIC is an insurer and not an investment firms. Lic offers insurance coverage.
Insurance plan can not be considered as part of your investments even though they give some returns. They ought to be simply dealt with as insurance policy to protect your family.
As these policies are purely for insurance functions we should not believe they will provide substantial returns business to other investments like in fixed deposit, mutul funds.
Their products are simply designed to security to policy holder. So you decide you desire protection or investment. They choose where to invest