To live a longer and healthier life, we all make conscious choices and decisions that can prolong our lives and allow us to enjoy them to the fullest. However, there is no control over sudden emergencies that life throws at us.
In the recent times, people have gotten wearier and more cautious of not only how they live but also where they invest and what insurance plans, they chose to buy for securing their loved ones. In testing times like these, you need a good health plan for your wellbeing and a good insurance plan for your and your family’s financial security.
Just like daily exercising and routine diet plans help keep your health in check, a term plan with return of premium offers financial safety against life’s uncertainties, ensuring that you and your family members are covered even during tough times.
What Is A Term Plan With Return Of Premium?
Simply put, a term plan with return of premium can provide comprehensive protection against financial instabilities through various stage of life. This type of plan is essentially a long-term financial security providing term life policy that offers protection against life-threatening ailments, accidental injuries, and various other unprecedented emergencies. Here are some of the benefits that a policyholder can avail-
- Accidental death benefit
- Protection against life-threatening critical illnesses
- Waiver option of premium benefit
- Tax-saving benefits
- Survival benefit
One of the most notable benefits of this plan is the survival benefit, wherein the plan offers to pay back the total amount of the policyholders’ annualised premium in case they have survived through the policy tenure. Try and find yourself a policy that offers all of these benefits at a premium paying rate you are comfortable with and for a policy tenure that is as long as possible.
How To Buy A Term Plan With Return Of Premium?
You can purchase term insurance with return of premium online by following these steps:
- Factor in your existing liabilities and money you might need for future commitments to assess the sum required from this term plan.
- With the help of an online term insurance calculator, you can then calculate the premiums payable, which will depend on the selected returns of your term plan with return of premium.
- Before you decide on which insurance company to buy the plan from, make it a point to get quotes from multiple insurance companies and compare the different returns. You must select the one that is cost-effective with its premium plan and still offers maximum benefits.
- Remember to select an insurance company that has a higher CSR, i.e., Claim Settlement Ratio and a streamlined claim settlement process.
- You can also check out all the different add-on policy riders available with the plan you are opting for. However, make sure to compare these riders across different insurance companies’ policies as well.
- Do not shy away from disclosing your lifestyle habits like smoking, drinking and pre-existing health issues, if any, as this is a deciding factor of your premium amount. Besides, not disclosing lifestyle habits and pre-existing medical issues can create trouble during the claim settlement process.
- Analyse your financial situation at present and select a premium paying frequency that will suit your financial planning, be it yearly, quarterly, or monthly.
- Try and select the highest policy tenure available as term plan with return of premium cannot be extended later, i.e., you cannot change the tenure of your policy.
If you run a term insurance comparison between traditional plans and the term plan with return of premium, then the latter will probably come out a winner. It has additional benefits, coverage at an affordable price and flexibility, unlike most basic life insurance plans, making it a viable option.
Choose Max Life Insurance Smart Term Plan
If you are looking for a term life insurance policy that offers long term financial security against life-threatening ailments, accidental injuries, and other emergencies, then Max Life’s Term Plan with Return of Premium can be your ideal bet. Upon policyholder’s selection of Premium Back Variant, this product will be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.
You can choose to entitle your wife and children for this term plan with return of premium under the Married Women’s Property Act of 1874 because, in case of the policyholder’s untimely death, it will give insurance cover payout to both the wife and the children.
Moreover, they will also get the survival benefits in the form of a refund of premiums in case the policyholder has survived the policy term. All in all, a term plan with return of premium, i.e., TROP, is instrumental in securing the future of your loved ones in your absence and offers survival benefits to the policyholder as well. Take the first step towards financially securing yourself and your family and get this policy today.
