The main features and benefits of a term insurance return to a premium term plan, premium costs, the advantage of survival and, above all, who is the right plan.

Get more information on the Death Benefit, the Benefit of the Expiration, the tax benefits and the privileges of such plans.

How Return of Premium Work in Term Insurance?

Consider insurance with a coverage of 20 lac for 10 years, for which the annual premium is Rs. 2000. If the insured dies, the family receives 20 lac (sum of the council). If the insured person survives the deadline, the insurer reimburses the total amount of the premium, ie. H. Rs 20,000 (Rs 2000×10)

Term Insurance Plan with return of premium

Term Insurance Plans With Return Of Premium in India.

List of term insurance plan with return of premium:

  1. Max Life Premium Return Protection Plan
  2. ICICI Prudential LifeGuard
  3. Tata AIA Life Insurance iRaksha TROP
  4. MetLife Suraksha TROP

Also read: Top Best Term Insurance Plans In 2019

Benefits of Term Insurance Plan with Return Of Premium

  • Benefits in the event of death: in the unfortunate event of death of the insured, the candidate receives the total sum insured as death.
  • Tax benefits: the premiums paid for these policies can be presented for tax benefits pursuant to Section 80C of the IT Law.
  • Expiry benefits/survival allowance: as a reward yield, the return on life becomes 100% of the premiums paid.
  • Driver: these policies may be accompanied by different drivers offered by insurers, such as: B. Driver with serious illness or driver with accidental death.
  • Value paid: if the policy premiums are not paid and the policy expires without being revived, the insurers, instead of withdrawing the coverage, will reduce the death benefit to the premiums paid and continue life insurance until the policy expires. politics.

For some insurers, if you cancel the insurance policy, you will receive the premiums paid, less a commission or a predefined amount.

How to chose Best Term Plan with Return Of Premium

Finding the right insurance plan can be a simple task considering some factors. These are:

  • The coverage should be sufficient to ensure your family’s future finances should something happen to you.
  • The bonus you have to pay must be affordable.
  • The liquidation report of the insurer’s insurance must be good.
  • If you do not want to make a single payment, the plan must allow annual, semi-annual, quarterly or monthly payments.

Also read: Top 10 Life Insurance Companies In India

Article written by Swapnil R. Chavan

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