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Term Insurance Return of Premium

 

Term insurance with return of premium is a type of life insurance policy that combines the features of term life insurance with a savings component. In this plan, you pay premiums for a specified term, and if the insured person passes away during the policy term, your beneficiaries receive a death benefit. However, if the insured person survives the entire term, the insurance company returns all the premiums you paid over that period. In essence, this policy provides a death benefit in the event of the insured person's demise during the term, and if the person survives the entire term, they will receive a refund of all the premiums paid.

Example:

Srinivasan purchases a 30 year Term insurance return policy with the life protect amount of Rs. 50,00,000.  He is paying annual premiums for the entire 30 years that is Rs. 20,000 per annual. After the end of the term Srinivasan will get Rs. 6,00,000 (annual premium x number of years).  If Srinivasan passes away during term period of the policy, his beneficiaries would receive Rs. 50,00,000 (Full coverage amount).

Some key features of term insurance with return of premium:

Premiums:

Term insurance return of premium policies have higher rate of premiums as compared to Term insurance because of the return of premium feature.

Interest on premium:

If the insured person survives the whole term period, he / she will not get the interest on premium or insurance company will provide only the total premium paid by insured person.

Conditions:

If insured person cancel the policy before the term ends, he / she may not receive the return of premium paid.

Flexibility:

Term insurance with return premium policy have less flexibility, modification in coverage and policy terms period might be limited.

Tax Benefit:

The sum assured at the end of specific term or surrender at the time of death of insured person is tax free.

Before purchasing any life insurance policy, it's important to carefully review and understand the terms, conditions, and costs associated with the policy. Additionally, individuals should assess their financial needs and goals to determine whether a term insurance policy with return of premium aligns with their overall financial plan. Consulting with a financial advisor can be beneficial in making informed decisions about life insurance coverage.

List of Best Term Insurance Companies:

·       Max Life Insurance

·       Bajaj Allianz Life Insurance

·       HDFC Life Insurance

·       PNB METLife

·       Tata AIA Life Insurance

·       Canara HSBC Life Insurance

·       ICICI Prudential Life Insurance

·       Kotak Life Insurance

·       Aegon Life Insurance

·       Edelweiss Tokio Life Insurance

·       HDFC Life 2 Protect

·       Aditya Birla Term Insurance

·       LIC

·       SBI Smart

·       Bharati AXA Life Insurance

·       Aviva Term Insurance

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