No relevant search results found.
Thank you for sharing your details. To receive a call from Tata AIA Financial Advisor.
reCAPTCHA is not working.
Call us
Protect your family against uncertainty with Tata AIA's TROP plans!
Term insurance plans are known to be flexible, affordable, and suited for nearly everyone. But since everyone's insurance needs are different, Tata AIA brings to you term plans with a return of premium that offer maturity and death benefits. Enjoy dual benefits under a term single plan!
Table of Content
A term plan with a return of premium (TROP) is a variant of term insurance. These plans offer a maturity benefit where you will be paid back all the premiums paid (minus GST) towards the term plan upon surviving the policy term.
Premiums for these plans will be slightly higher than basic term plans. Like pure-term plans, they also offer death benefits to your family in the event of your demise. In simple terms, TROPs are term plans that offer dual benefits under a single term insurance plan.
Also Read: What is Term Insurance?
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V04)
Tata AIA SRS Vitality Protect is a term solution which includes Tata AIA Life Insurance Sampoorna Raksha Supreme, a non-linked, non-participating, individual life insurance plan (UIN: 110N160V04) and Tata AIA Vitality Protect, a non-linked, non-participating, individual health rider (UIN: 110B046V02).
Term plans with return of premiums function similarly to pure term plans. The main distinction between a term plan and a term plan with a return of premium is the maturity benefit offered by TROPs.
Hence, term plans with a return of premiums will have:
Death Benefit: Paid to the policyholder's family upon their death during the policy's term.
Maturity Benefit: Paid to the policyholder when they survive the term plan's tenure.
Level Premiums: Premiums for TROPs will stay the same throughout the policy's duration but will be higher than pure term plan premiums.
Let us look at an example to see how TROPs work using Tata AIA's term plan with return of premium.
Mr Sunil, aged 30, non-smoker, is a salaried employee who buys our Sampoorna Raksha Supreme plan with a cover of ₹1 Crore for a term of 30 years to secure his family – his wife and two dependent children.
He names his wife as the policy nominee and opts for a Return of Premium feature under the plan. Under these parameters,
His annual premiums will amount to ₹20,895, which will stay the same throughout the policy's term. In comparison, if he opted for a basic term plan, his annual premiums would have been ₹11,084.
If Mr Sunil dies during the 30-year policy term, his wife will get a death benefit pay out of ₹1 Crore. This amount will be fully 4tax-exempt under applicable income tax laws.
If Mr Sunil survives the policy term, he will get a return payment of all premiums paid (minus GST) toward Tata AIA Life Insurance under his term plan. This amount is also 4tax-exempt since his annual premiums do not exceed ₹5 Lakhs.
In cases where his annual premiums for his TROP plan exceed ₹5 lakhs, Mr Sunil will be taxed per his tax slab rate under his chosen tax regime.
Also Read: Term Insurance Tax Benefits Under Section 80C & 80D
Difference Between Pure Term Insurance and Term Plans with Return of Premium
Parameters |
Pure Term Insurance Plan |
Term Plan with Return of Premium |
Definition |
The simplest form of life insurance that offers pure risk coverage. |
Variant of a term insurance that offers a return on total premiums paid on maturity. |
Benefits |
Death benefit only |
Death benefit and maturity benefit |
Premiums |
Affordable |
Higher than pure term plans |
Ideal For |
Those only looking for risk coverage and want an affordable life solution. |
Those looking for a life solution that offers maturity benefits and can afford to pay higher premiums. |
As a couple, you will notice that your financial obligations will have begun to increase. You must now account for your spouse, dependent parents/in-laws and any future children.
With a term plan with a return of premium, the death benefit ensures that all your loved ones will be protected in the event of your demise. The maturity benefit can help further boost your financial security.
As a couple, you will notice that your financial obligations will have begun to increase. You must now account for your spouse, dependent parents/in-laws and any future children.
With a term plan with a return of premium, the death benefit ensures that all your loved ones will be protected in the event of your demise. The maturity benefit can help further boost your financial security.
A term plan with return of premiums offers a 5guaranteed lump sum pay out of all premiums paid on the policy maturity when you outlive your term policy. You can be eligible for a refund that is equal to 105% of the total premiums* paid at the end of the policy term.
This ensures you and your family can benefit from the term insurance plan and the premiums paid over the policy tenure are not lost. 5T&C apply.
Just like regular term plans, term plans with money-back features offer 4tax benefits to policyholders and their nominees.
Under Section 80C of the Income Tax Act, you can claim a deduction of up to ₹1.5 lakhs for the premiums paid towards the policy, while Section 10(10D) allows for a tax exemption on the death and maturity benefits offered by the TROP plan.
Many term plans with a return of premium also offer whole life covers that ensure your family will have access to a financial support system in case of any such untoward misfortune.
For example, at Tata AIA, we offer coverage for up to 100 years, along with a built-in ROP feature. This ensures your TROP policy offers sustained risk coverage if you are unsure of how long you will need term insurance coverage.
The best term insurance with return of premium often comes with several add-on riders** you can choose from. These can help enhance the base coverage of your TROP plan.
For example, you can add a critical illness rider or a waiver of premium rider to your plan so that, in times of emergency, you do not have to compromise on your savings or premium payments and can easily claim the additional rider coverage.
Families protected so far1
Individual Death Claim Settlement Ratio2 in FY 22 - 23
Express Claim Settlement3
Presence across major cities in India
3T&C apply
Our experts are happy to help you!
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V04)
Tata AIA
Get 7% Digital Discount on First Year Premium
Get 105% of the Premiums Paid Back*
Increase life cover at important milestones such as marriage or childbirth`
Save Income Tax up to Rs 46,800+
Protect Solution comprises of Tata AIA Life Insurance Sampoorna Raksha Supreme (Non-Linked, Non-Participating, Individual Life Insurance Plan) (UIN: 110N160V04) - Life Option (in case Return of Premium is No) or Life Plus Option (in case of Return of Premium is Yes), Tata AIA Vitality Protect (UIN: 110B046V02) - A Non-linked, Non-participating, Individual Health Rider; Tata AIA Vitality Health (UIN: 110B045V02) - A Non-linked, Non-participating, Individual Health Rider. Tata AIA Life Insurance Sampoorna Raksha Supreme is also available individually for sale.
Get comprehensive health and life cover protection
With Express Issuance*** get your policy issued instantly
Get Health Cover against 40 Critical Illnesses## with Critical Plus Benefit
Get Tax Benefits4 as Per Applicable Tax Laws
Option to get your premiums back at the end of the policy period with Return of Premium^^^ plan feature
***T&C apply
Our term plans with money-back features offer death and maturity benefits, ensuring both you and your family are covered under our plans. We also offer life stage benefits under our TROP plans, where you can increase your sum assured with each life stage, ensuring your loved ones are provided with enough financial assistance.
With Tata AIA's term plan with return of premium, you can get comprehensive life cover protection up to 100 years of age$. This ensures that you can claim coverage for as long as you require under our term plans while securing your family!
With Tata AIA, you can customise how and when you want to pay your premiums! We offer flexible premium payment frequencies like monthly/quarterly/half-yearly/annual and payment terms like single/limited/regular when you buy our TROP plans.
This ensures that you can chalk out your financial plans and pay your policy premiums right on time without disrupting your other financial commitments.
With Tata AIA's Sampoorna Raksha Supreme policy, you can choose the Life Plus or Life Income option, where you can choose to receive your pay out in the form of a lump sum, monthly income or a combination of both options. This ensures your family gets enough monetary assistance to deal with any immediate financial obligations.
Our term plans with return of premiums come with a feature where your TROP plan automatically converts into a paid-up policy. This can be beneficial in case you must default on your premium payment due to external circumstances or financial issues. Simply put, your TROP policy will turn into a paid-up policy by default to prevent it from lapsing.
We offer several optional riders** under our TROP plans. You can enhance your base term plan with return of premium to help you cover emergencies, like emergency medical expenses, without affecting your family's financial stability.
Remember that add-ons will increase your overall policy premiums. Hence, we advise you only to choose the riders** you need. To get accurate TROP policy quotes, use our term plan with return of premium calculator given below!
TERM
CALCULATOR
What is the importance of term plans with return of premiums?
Term plans with return of premiums provide assured life cover protection to your family and maturity benefits. In the event of your demise, the sum assured under the term plan will offer financial support to your loved ones and if you survive, you will get a refund of all your policy premiums.
What is the catch with the term plans with a return of premium?
Although they offer dual benefits, these are online paid in case of the policyholder's death or on their survival on maturity. You cannot claim any payment amount during the policy term. Moreover, you will only be offered one of the payments for either scenario, not both – a death benefit on death and a premium refund on survival.
We highly recommend going through the policy brochure, policy wordings and talking to your insurance agent before making any purchases.
Is term insurance with a return of premium worth buying?
If you can afford the higher premiums, term plans with a return of premiums are worth buying. Along with offering your family pure risk coverage, you are also refunded your premiums on survival so they are not lost on policy expiry.
You can always compare different policies and plan options before choosing the one as per your needs.
What are the eligibility criteria for a term plan with return of premium?
The eligibility criteria to buy a term plan with return of premium can vary according to the plan you select. However, the minimum eligible age for getting a term plan with return of premium is 18 years, while the maximum age for the same is dependent on the policy terms and conditions.
Which is the best term plan with return of premium?
The best term plan with return of premium would be the one that suits your insurance needs and provides adequate coverage to your family in case of an unforeseen misfortune. To select the best term insurance with return of premium, it is important to compare and contrast different plans with each other to ensure you are getting a good deal.
Can I opt for riders under a term plan with return of premium?
Yes, you can add riders** with your term plan with return of premium to increase your policy coverage depending on the rider options available under the policy.
How long should I keep my term plan with a return of premium?
You can choose your TROP policy tenure to be as long as you need. While most term plans offer coverage for 5 - 40 years, Tata AIA offers a whole life cover of up to 100 years.
What type of coverage is offered under a term plan with return of premium?
Like a regular term plan, you are offered pure risk coverage during the policy's term. The only difference here is that you also get survival benefits. All other general exclusions and inclusions for term plans will apply to term plans with return of premiums. E.g., suicide exclusion during the first policy year.
With Tata AIA's term plan with return of premium, you get term coverage and a 105% return of the total premiums* paid towards the policy on maturity.
Should I buy a regular term insurance plan or a term plan with return of premium?
Choosing between a term plan and a term plan with a return of premium will depend on your needs. A pure term plan is for those who only want extensive life cover protection from their policy with a death benefit.
However, if you want maturity benefits from your term plan, where the premiums paid on your life insurance will be returned to you on maturity, then a term plan with the premium return is a good choice.
What claims can I file under my term plan with return of premium?
You and your family can file two types of claims under a TROP policy: a death settlement claim and a maturity benefit claim. The death claim should be filed within 30 days of the policyholder's death and the maturity claim can only be filed once the policy ends.
What is the death benefit under return of premium term insurance plan?
Under a return of premium term insurance plan, the death benefit is the total sum assured of the policy that will be paid out to the nominee/nominees if the policyholder passes away during the policy term.
Can you get your money back from a term insurance plan on maturity?
If you buy a term insurance plan with a return of premium, you can receive a total of all the premiums paid at the end of the policy term if you survive the policy term. The same is not possible with a pure term plan that only offers a life cover with death benefits and no maturity benefits.
How do I file a claim under my Tata AIA for my term plan with return of premium?
You can file a claim with us through any of the following channels:
Call our helpline number - 1860-266-9966 (local charges apply)
Email us at: customercare@tataaia.com
Visit us at any of our Tata AIA Life Insurance Company branch offices
Write to us at:
The Claims Department,
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway,
Thane (West) 400 607.
IRDA Regn. No. 110
What documents do I need when filing a claim under my term plans with return of premium?
You will need three main documents when filing a term insurance claim: The claims form (filled and signed), the policy certificate and the policyholder's death certificate (for death claims). If you want to know the complete list of documents needed, please visit our claims settlement page.
If the nominee wants to file a claim from outside of India, they can upload copies of their documents online or send them to us by email. For the offline procedure, the nominee will have to mail the documents to their representative in India who can then visit any of our office branches to file the claim.
Yes, you can file the claim on your term insurance with return of premium at the same branch where the policy was purchased or you can visit any of the Tata AIA Life Insurance office branches to file a claim.
Can I safely buy a term plan with a return of premium online?
Yes, it is safe to purchase a term plan with a return of premium* online. You should buy it from your insurance provider's official website. This not only allows you to compare different policies but also safeguards your personal information. At Tata AIA Life Insurance, we ensure that your personal and financial information is never compromised.
Which life insurance companies offer term insurance plans with a return of premium?
Tata AIA Life Insurance offers term insurance plans with a return of premium, where you can choose the policy term, the premium paying term, the sum assured, and riders of your choice. Before you purchase your policy, you can compare different plans to find one that matches your needs.
Can I change my Tata AIA policy payment terms?
Yes, with Tata AIA, you can choose your premium payment options between monthly/quarterly/half-yearly/annual payments. Your payment frequency can also be changed in the future by logging into your Online Policy A/C' to make the required changes.
FOR EXISTING POLICY
FOR NEW POLICY
10 mins read
