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There are different types of term insurance plans. A term plan with a return of premium is one such plan which is different from other plans as it has a maturity benefit. Let’s understand what the plan is about.
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What is a Term Plan with a Return of Premium (TROP)?
A term plan with a return of premium, also called TROP, is a term plan which offers a maturity benefit. It works as a normal term plan with just an addition of maturity benefit. Under TROP, if the life insured passes away during the policy tenure, the death benefit is paid.
On the other hand, if the insured survives the policy tenure and the policy matures, the premiums paid over the policy tenure are refunded, hence the name¹.
Under a term plan with a return of premium, you choose the following details
The sum assured
Policy tenure
Premium payment term
Premium paying frequency
Riders (if any)
other optional features
Depending on these factors, your age and other risk parameters, the premium is calculated. You pay the premium over the chosen premium payment term and in the chosen frequency. If the life insured passes away during the policy tenure, the death benefit is paid. On the other hand, if the plan matures and the insured is alive, the premiums paid are refunded.
Let’s take an example.
Ravi, aged 30 years, buys the Bajaj Allianz Life Smart Protection Goal Plan* and chooses the return of premium option. The plan details are as follows –
Here are some reasons which make the term plan with return of premium a good option –
Life insurance coverage6A term plan with a return of premium offers financial security in the face of a premature demise. It allows you to choose a high sum assured so that your family receives adequate financial support in your absence. The death benefit offered by the plan can help your family in meeting their lifestyle expenses and also their financial goals. This offers peace of mind to you and your family that their financial needs will be taken care of.
Maturity benefit6The maturity benefit paid by the return of the premium plan may make it a win-win combination. While the insurance coverage provides financial security during the tenure, the refund of premiums pays back the money you paid for the coverage on maturity.
Tax BenefitsLike other life insurance plans, you get tax benefits too. The premiums paid for the policy qualify as a deduction under Section 80C up to ₹1.5 lakhs subject to specific terms and conditions3. The death benefit received is completely tax-free4. The maturity benefit received also enjoys tax exemption under Section 10(10D) subject to certain terms and conditions
Peace of MindKnowing that your family is financially secure in your absence gives you peace of mind. You don’t have to worry about unforeseen eventualities which might cause your family a financial strain.
Fulfilment of Financial Goals6With the death or maturity benefit received, you or your family can fulfil their relevant financial goals like children’s education, marriage, debt repayment, buying a home or a car or even retirement planning.
Who can buy Term Plan with Return of Premium (TROP)?
Individuals looking to secure financial security for their family in their absence and who also want a maturity benefit can opt for the term plan with the return of premium option. However, you should fulfil the eligibility criteria specified by the insurance company to get the coverage.
Some of the things to consider before buying a ₹50 lakh term insurance plan are as follows
The plan covers the risk of premature demise during the policy tenure
The premiums are refunded on maturity
You can choose a coverage level that aligns with your coverage needs
The premiums are affordable. Moreover, many plans offer you the choice of regular, limited or single premium.Different premium payment frequencies are also allowed like annual, half-yearly, quarterly and monthly.
Many plans offer optional riders to enhance the scope of protection.
Return of Premium option with Limited Pay
You can choose the return of premium option with your basic term insurance plan by paying an additional premium. This option ensures a maturity benefit if the plan matures. Moreover, if you choose the limited pay option, you pay premiums for a limited period while the coverage lasts longer.
For instance, if you choose a limited pay of 20 years in a policy whose term is 30 years, you pay premiums for 20 years while the coverage continues till 30 years.
The difference between term plans and term plans with return of premium can be assessed from the following table
Term Plan
Death BenefitOnly death benefit is paid under term plans. If the plan matures, no benefit is paid2
PremiumThe premium is low2
Paid up ValueIf you discontinue premium payments, the plan will not acquire any paid-up6
Surrender ValueThere’s no surrender value under the plan6
Term Plan with Return of Premium
Death BenefitIf the insured passes away during the policy tenure, the death benefit is paid. On the other hand, if the insured survives the tenure, the total premiums paid are refunded as a maturity benefit.2
PremiumThe premium might be a little higher compared to pure term plans1
Paid up ValueIf you stop paying premiums, you don’t lose the plan benefits. The plan benefits are reduced if at least 2 years’ full premiums have been paid6. You can continue the coverage at the reduced value which is called the paid-up value6
Surrender ValueYou can also exit the coverage and get a surrender value if you have paid at least 2 full years’ premium6
To choose the best term insurance with a return of premium, here are some points that you can consider
Coverage offered
Check the coverage offered. Usually, most plans offer similar coverage but there might be value-added benefits like inbuilt riders or optional coverage features. Choose a plan which offers a comprehensive scope of protection which you need.
Premium amount
Compare the premium amounts across different plans vis-à-vis the coverage offered. Choose a plan offering the most inclusive coverage at the most competitive premium rate.
Rider benefits
Look for the optional riders offered and their premium. Choose a plan that offers the riders that you need and that too at affordable interest rates.
Available discounts
Insurers might offer premium discounts on term plans with return of premium option to lower the premium outgo. Look for these discounts and choose a plan offering the maximum possible discount for the most savings.
Claim Settlement Ratio
Check the Claim Settlement Ratio of the insurance company. A high ratio is recommended since it depicts that the insurer settled most of its claims and fosters trust in the company.
Some of the documents required to buy a term plan with a return of premium online include the following-
Proposal form
Filled and signed by the proposer
Photographs
Recent coloured photographs
Proof of identity
Aadhaar card, PAN card, voter’s ID card, passport, driving license, etc.
Proof of address
Aadhaar card, voter’s ID card, passport, driving license, recent utility bills, Property Deed, Registered Rent Agreement, etc.
Proof of age
Birth certificate, Aadhaar card, Voter’s Identity card, PAN card, Passport, School certificate, Driving Licence, etc.
Proof of income
Salary slip, form 16, financial statements of the business, bank statement, etc.
Medical report
Medical examination report (if applicable)
Others
Any other document required by the insurance company
The choice of coverage depends on different factors. Some of these factors are as follows-5
Age
When you are young, you might have limited financial responsibilities. However, the responsibilities increase as you grow older. As such, choosing a higher sum assured is better to take care of future needs. For instance, if you are 30 years old and will retire at 65, you can work for 35 years. If your annual income is ₹10 lakhs, your family will lose ₹3.5 crore on your premature demise.... Read More Thus, you need a coverage of ₹3.5 crores. On the other hand, if you are 40 years old and have 25 more working years, the loss would reduce to ₹2.5 crore (25 years X ₹10 lakhs). Thus, at an older age, the coverage required would be ₹2.5 crore...Read Less
Number of dependents
The number of financial dependents also affects the coverage need. If you have many of dependents, you would need a higher coverage to take care of multiple responsibilities that you might have.
Basic lifestyle needs
Your coverage also depends on your lifestyle expenses also determine the coverage amount. If your lifestyle expenses are high, you need a high sum assured to meet them. The same holds true if you have limited expenses.
Inflation rate
Inflation is the rise in the price of goods and services. As inflation rises, so do your financial needs. That is why, your coverage should be optimal to take care of the expenses which might increase due to inflation.
Goals
Your financial goals would also affect your coverage requirement. The more goals that you have the higher the financial corpus that you would need and vice versa.
Existing assets and liabilities
The existing investments and debts that you have determine your coverage needs. If you have existing assets or investments, your coverage requirement would be lower. On the other hand, if you have liabilities, your coverage would be higher so that the liabilities can be met.
You can buy a term plan with a return of premium online in some simple steps. These steps are as follows
Visit Term Insurance with Return of Premium Page available on the website of Insurance capital.
Enter the required details like name, age, location and contact information
Enter your education details, smoking habits, occupation and annual income as may be required.
Enter the coverage amount, policy term and premium payment term basis your choice and suitability
Pay the premium and the proposal would be submitted
If there’s a requirement for a medical check-up, complete the checkup formalities
Choose optional riders, if required
Choose the return of premium option
Bajaj Allianz Life, one of India's leading Private Insurer, committed to offer value packed and innovative products to meet you Life Goals
99.04%~
Claim Settlement Ratio
1 Day%
Claim Approval
AAA Rating$
Rated by CARE*
₹90,584 Crore**
Assets Under Management
2.82 Crore#
Number of Lives Covered
516%^
Solvency Ratio
If the term insurance plan with the return of premium matures, you will receive a refund of the premium paid during the policy tenure.
The minimum eligibility criteria depend on the insurance company and the plan that you choose to buy. Usually, term plans with a return of premium are issued to individuals aged 18 years and above.
If the term plan with return of premium offers a choice of riders, you can add suitable riders to the coverage and enhance the scope of your policy. However, each rider would come at an additional premium.
The availability of critical illness riders depends on the plan that you choose. For instance, Bajaj Allianz Life Smart Protection Goal offers the critical illness rider with the term plan with the return of a premium option. .
If you buy a pure protection term plan which has no maturity benefit, you will get nothing on maturity. However, if you choose the return of premium term plan, the premium that you had paid would be refunded on maturity.
The death benefit is usually the chosen sum assured which is payable if the insured passes away during the policy tenure.
The premium payment frequency depends on the plan that you choose. Usually, TROPs allow four premium payment frequency options – annual, half-yearly, quarterly and monthly.
Compared to a pure term insurance plan, a return of premium term insurance policy would be more expensive. This is because pure-term plans do not offer any maturity benefit but the return of a premium term plan refunds the premiums paid on maturity.
Yes, smoking affects the premium of term insurance with the return of the premium. It increases the premium paid for the policy because smoking increases your mortality risk.
The premium depends on your age, lifestyle habits, medical condition, policy details selected and other risk factors. For instance, if you are a 30-year-old male who buys Bajaj Allianz Smart Protection Goal * for a term of 25 years and chooses to pay regular premiums every year, the first year premium would be ₹5,847 plus taxes assuming you don’t smoke, the sum assured is ₹50 lakhs and you have selected the return of premium option without any riders.
The choice depends on your needs. If you want term insurance coverage with the option of a refund of premiums on maturity, you can choose the return of premium term plan. On the other hand, if you are looking for only protection at a cost-effective rate, you can buy a regular term insurance plan.
Customers Reviews
Disclaimers
The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read the sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us:
customercare@bajajallianz.co.in
Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.
*Above illustration is for Bajaj Allianz Life Smart Protection Goal - A Non Linked, Non Participating, Individual Life Insurance Term Plan (UIN: 116N174V03) considering Male aged 30 years | Non-Smoker | Standard Life | Policy term (PT)– 25 years | Premium Payment Term (PPT) – 25 years | Total Sum Assured opted is Rs. 50,00,000 | Total Premium - Rs. 1,,55,151 (1st Year Premium is Rs- 5847/- and 2nd Year onwards Rs -6221/- )| Online Channel | This is exclusive of discount for salaried customers and for customer's first individual life insurance policy | medical rates | Yearly Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.
~Individual death claim settlement ratio FY- 2022-2023
%96.31% of non-investigative individual claims approved in one working day for FY 2022-23. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices.
^Solvency ratio 516% as at 31 March 2023 against IRDAI mandated 150%
$For details refer to press release published by CARE
**All figures as on 31 March, 2023
#Individual & Group
SMS Service
Dear Customer,
To get SMS updates on your policy - now you can refer to our glossary of pull sms services from the table:
GLOSSARY - PULL SMS TABLE! | |||
---|---|---|---|
No. | Service | Type Keyword | Send To |
1 | For Callback for service related queries | SUPPORT<space>POLICY NO | 8108222251 |
2 | For Callback for renewal premium payment related queries (From Registered Mobile Number) | RENEW<space>POLICY NO | |
3 | For Branch Address | BRANCH<space>PIN CODE | |
4 | For Callback for Reinvestment related queries (From Registered Mobile Number) | REINVESTMAT<space>POLICY NO | |
5 | For Fund Value of Policy (From Registered Mobile Number) | FV<space>POLICY NO | |
6 | For Account Statement (From Registered Mobile Number) | ACCSTMT<space>POLICY NO | |
7 | To Update Email Address (From Registered Mobile Number) | EREG<space>Unique ID*<space>DOB of policyholder in DDMMYYYY<space>email id | |
8 | For Callback for queries related to fund switching | FSWITCH<space>POLICY NO | |
9 | For IT Certificate (From Registered Mobile Number) | TAXCERT<space>POLICY NO | |
10 | For Claim status | CLAIM<space>POLICY NO |
Disclaimer: By using above SMS services kindly note that you would be authorizing to receive call(s) / SMS from Bajaj Allianz Life Insurance Co. Ltd through its representatives on your tele-contact no with respect to the query for which you have requested call back even if it is registered under NCPR/NDNC registry with your telecom operator.
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SMS Service
Dear Customer
To get SMS updates on your policy - now you can refer to our glossary of pull sms services from the table:
GLOSSARY - PULL SMS TABLE! | |||
---|---|---|---|
No. | Service | Type Keyword | Send To |
1 | For Callback for service related queries | SUPPORT<space>POLICY NO | 8108222251 |
2 | For Callback for renewal premium payment related queries (From Registered Mobile Number) | RENEW<space>POLICY NO | |
3 | For Branch Address | BRANCH<space>PIN CODE | |
4 | For Callback for Reinvestment related queries (From Registered Mobile Number) | REINVESTMAT<space>POLICY NO | |
5 | For Fund Value of Policy (From Registered Mobile Number) | FV<space>POLICY NO | |
6 | For Account Statement (From Registered Mobile Number) | ACCSTMT<space>POLICY NO | |
7 | To Update Email Address (From Registered Mobile Number) | EREG<space>UNIQUE ID as printed on policy bond<space>DOB of policyholder in DDMMYYYY<space>email id | |
8 | For Callback for queries related to fund switching | FSWITCH<space>POLICY NO | |
9 | For IT Certificate (From Registered Mobile Number) | TAXCERT<space>POLICY NO | |
10 | For Claim status | CLAIM<space>POLICY NO |
Disclaimer: By using above SMS services kindly note that you would be authorizing to receive call(s) / SMS from Bajaj Allianz Life Insurance Co. Ltd through its representatives on your tele-contact no with respect to the query for which you have requested call back even if it is registered under NCPR/NDNC registry with your telecom operator. Your carrier may charge for SMS messages used to call for SMS Services.
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