A solution that not only financially safeguards your family in case something unfortunate happens to you, but also gives you a lump sum amount if you survive the policy term.
Term Insurance with Return on Premium
Term Insurance with Return on Premium Service By Gk Mf invest Pvt ltd.
What Is A Term Insurance with Return on Premium
A term insurance with return of premium (TROP) is a variant of a basic term insurance plan which offers the benefit of return of premium as a survival benefit. If you live a healthy lifestyle, the probability that you will outlive the best insurance policy in India you have bought also increases. For you, term insurance with return of premium is one of the best insurance policies in India, which also give you maturity benefits. It is one of the types of term insurance plans that give back the premiums you pay on surviving the policy period.
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What are different types of Term Insurance with Return on Premium coverage?
Assured returns: There are many life insurance plans that offer returns, but the returns in many cases are market-linked and are not guaranteed. A term insurance with returns of premium policy offers guaranteed returns. With assured returns, you can plan accordingly. One can use the lump-sum amount received at maturity to buy a car or to renovate his./her house. Having a clear picture of the returns helps in financial planning.
Survival benefit: Contrary to a regular term insurance plan, term insurance with return of premium offers survival benefits. If the insured outlives the plan, he/she is eligible to get back all the premiums paid during policy term. It is an ideal product for people who do not want to lose out on the premiums and want some kind of return from the policy.
Rider benefit: Policyholders can choose to enhance the insurance cover with optional riders. Optional riders can be taken to cover accidental death, accidental disability and critical illnesses. A term insurance plan with return of premium with suitable riders provides comprehensive coverage at affordable rates.
Tax benefits: Investing in a term insurance with return of premium offers the policyholder the opportunity to reduce his/her tax liabilities. The premiums paid for the policy are eligible for tax deductions of up to Rs 1.5 lakh per annum under Section 80C of the Income Tax Act, 1961. The payout is exempt from income tax under Section 10 (10D) of the tax laws.
Unit Linked Insurance Plan
ULIP is both an insurance policy and an investment
Endowment plans offer you guaranteed returns on the death of the insured or after maturity
Ensure protection for your family along with options to get money back*
Guaranteed Income Plan
A guaranteed income plan packs a variety of options and benefits that can help you get peace of mind once you retire
Importance of Term Insurance with Return on Premium
Given the increasing cost of living and responsibilities in life, each one of us is looking for ways to manage money efficiently. The financial instruments that offer an opportunity to build wealth and get life security can be an excellent choice to achieve that.
Term plan with return of premium option also provides additional benefits such as waiver of premium, accidental death benefit, disability benefit, and protection against critical illnesses. Investing in TROP can bring a sense of overall protection for policyholders.
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