Compare & Buy Car, Bike and Health Insurance Online - InsuranceDekho
Track & Policy DownloadLogin

Term Insurance Plan with Return Of Premium - TROP 2024

With rising living costs and responsibilities, we're all seeking better ways to manage our money. Financial tools that allow you to accumulate wealth and gain life security can be an effective way to do it. You can even consider term plans with a return of premium option. Additional benefits of a term plan with a return of premium option include a premium waiver, accidental death benefit, disability compensation, and protection against critical illnesses. Hence, investing in TROP might provide policyholders with a sense of overall security.

What are Term Insurance Plans With Return of Premiums?

A term plan with a return of premium is essentially the same as a conventional term plan. It functions as a life insurance policy that pays out a death benefit to the policy's beneficiaries.  The maturity benefit available on a term plan with a return of premium is the fundamental feature that distinguishes it.

By paying an additional premium, policyholders might benefit from a term plan with a premium return. You can select the required sum assured and policy period, as well as pay the premiums. When the policy expires, the insurance company will reimburse the customer for the premiums paid.

Which Is The Best Term Insurance Plan With Return Of Premium?

These are some of the term insurance policies that provide a premium refund when the policy matures.

  • Max Life Premium Return Protection Plan

Offered by Max Life Insurance, Max Life Premium Return Protection Plan is a limited-pay, non-participating plan. It is a single life premium return policy that covers policyholders with comprehensive life insurance. Policyholders will receive an accidental death benefit as well as a maturity benefit and a tax benefit from the policy. Policyholders can choose a 20, 25, or 30-year Max Life term Insurance while paying premiums for only 11 years with this coverage. Policyholders can get all policy-related updates through text messages. They just have to leave an SMS to the company to activate the SMS Updates service.

  • Tata AIA Life Insurance iRaksha TROP

The Tata AIA iRaksha TROP is a term insurance plan that provides policyholders with both coverage and a refund of premiums. It gives the policyholder the option of paying premiums at his or her pace. Regular pay, limited pay, and single pay are the three possibilities available. This TATA AIA term insurance plan's premium payment options include yearly and half-yearly payments with a 30-day grace period. If the policyholder has paid two full years of premiums, Tata AIA iRaksha TROP offers surrender value. The policy can be purchased online, and policyholders have a 30-day free look period during which they can study the plan and return it if they are not satisfied with the terms and conditions.

  • PNB MetLife Mera Jeevan Suraksha TROP

PNB MetLife Mera Jeevan Suraksha is a non-participating, non-linked, pure risk premium life insurance plan offered by PNB MetLife India Insurance Company Limited. PNB MetLife Mera Jeevan Suraksha Plan is a non-participating, non-linked, pure risk premium life insurance plan offered by PNB MetLife India Insurance Company Limited. This plan provides two payout options: ongoing income or a lump sum payment to protect your family in the event of your untimely death. You can also choose to get your premiums returned if you live to the conclusion of the insurance period. For a female life ensured, special premium rates are available.

Take Away

It might be tough for a policy buyer to choose among the various insurance packages available. Choosing based on a single deciding element, such as cost or policy period, may not be the best option. Therefore, in order to be satisfied with the investment, make sure to analyze the entire benefits of a term plan with a return of premium.

Also read: What is the Best Age to Buy a Term Insurance Plan? 

 How Much Term Insurance Cover Should One Buy?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.       

 

Popularly Opted Term Insurance Sum Assured

People Also Read

Must BuyMust Buy

Why to Buy Life Insurance Policy Online from InsuranceDekho

  • Tax benefit upto 1,50,000*
  • Claim support everyday 10AM-7PM
  • 80 Lacs+ happy customers