Features of a Term Plan with Return of Premium

• Policy Term

  When you buy a term plan with a return of premium, it offers comprehensive life cover protection. With Tata AIA Sampoorna Raksha Supreme, you can enjoy a life cover of up to 100 years of age with a whole life cover as per the plan feature and ensure your family’s safety and security!

• Policy Revival

  The term insurance with return of premiums can be revived before the date of maturity if the revival takes place within 5 years from the last unpaid premium. For that, the overdue premium payments need to be made along with an interest.

• Dual Benefits

  A term plan with returns offers death benefits as well as maturity benefits. While the former is paid out to the nominees on the policyholder’s demise, the survival benefit is the return of the premiums.

• Premium Paying Term

  Many Insurance companies offer flexible premium payment terms when you buy our term plan with a return of premium. You can pay your premiums monthly, quarterly, half-yearly, annually, or as a single premium payment.

• Flexible Payout Option

  Insurance companies offer flexible payout options for Term Insurance plans. With Tata AIA Sampoorna Raksha Supreme, when you choose the Life Plus or Life Income option, you can choose to receive the payout in the form of a lump sum or as a monthly income of up to 60 months or a combination of both options.

• Payor Accelerator Benefit

  With Tata AIA Sampoorna Raksha Supreme, you can receive an amount equivalent to 50% of the base sum assured once a terminal illness has been diagnosed and the claim for the payout of the amount has been accepted.

• Riders

  A term plan with return of premium can also be enhanced with optional riders** in the term plan that can help you cover emergency situations, especially emergency medical expenses, without affecting your family’s financial stability.

• Maturity Benefit in the Form of Refund

  Out of the different types of term insurance plans, in a term plan with a return of premiums, the lumpsum premium amount is returned on the maturity of the policy, if the policyholder outlives the policy term. This ensures that the premiums paid over the policy tenure are not lost. A term insurance plan return of premium can be a good money-back plan where all the premiums paid over the years are refunded after the policy matures. 

• Guaranteed Return of Premiums

  With a return of premium term life insurance, the benefits are guaranteed. You can be eligible for a refund that is equal to 105% of the total premiums* paid at the end of the policy term. Since there is no savings or investment component to a term plan with a return of premiums other than a life cover and a maturity benefit, the amount returned on maturity is guaranteed.

• Options in Premium Payment

  The best term plan with return of premium allows you the flexibility to pay the premiums on a monthly, quarterly, half-yearly or annual basis. This ensures that you can chalk out your financial plans and also pay your policy premiums right on time without disrupting your other financial commitments and payment or overburdening yourself with too many payments at any given point in time. 

• Paid-up Option for Non-earning Investors

  Term plans with return of premiums come with an option wherein the plan can be converted into a paid-up policy. Hence, in case you default on the premium payments due to some reason till the end of the grace period, the policy turns into a paid-up policy by default to prevent it from lapsing.

• Enjoy Tax Benefits

  There are certain tax benefits that come along when you buy a term insurance with a return of premium*. 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 term plan with return of premiums.

• Gain Rider Benefits

  You can choose to enhance the benefits of your term plan with a return of premium with optional riders**. 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 avail of the additional rider coverage.