Survival benefits, also called maturity benefits depend totally on the type of life insurance policy purchased.

Term Plans: The insured will receive no benefits on surviving the term of the policy.

Return of Premium Term Plans: The insured receives the value of the premiums paid for the entire term of the policy.

Whole Life Plans: These plans typically offer no survival benefits, since there is no definitive term to the policy. However, the insured can make withdrawals or take loans against the cash value (the profit or bonus earned) of the policy. Some policies provide survival benefits if the insured lives up to the age of 80. Upon maturity of such policies, the insured receives the sum assured plus the bonus for the term of the policy.

Endowment Policy with Profit or Unit Linked Endowment Plans: In these plans, the insured receives the sum assured plus bonus/profit/guaranteed additions, if any. Unit linked endowment plans pay out the sum assured plus the value of the investments accrued over the course of the policy term.

Money Back Plans: During the term of the policy, you receive a tax-free, fixed portion of the sum assured at regular intervals. On maturity, you receive the balance portion of the sum assured, if any, plus the bonus/profit/guaranteed addition for the term of the policy, if any, or the value of the investments accrued over the course of the policy term.

Children's Policies: The child receives the sum assured plus bonus/profit/ guaranteed addition, if any, or the value of the investments accrued up to that point in the policy term, at a pre-determined age. This money is receivable irrespective of whether the proposer, i.e. the parent/guardian survives the term of the policy.

In case of a money back policy, the child receives fixed portions of the sum assured at regular intervals. On maturity, the child receives the balance sum assured, if any, plus the bonus/profit/ guaranteed addition, if any, or the value of investments; whichever is higher. 

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Axis Tax Saver Fund

3.IDFC Tax Advantage (ELSS) Fund

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.BNP Paribas Long Term Equity Fund

9.Reliance Tax Saver (ELSS) Fund

10.HDFC TaxSaver

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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