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Term Insurance Plan with Return of Premium

Term Insurance Plan with Return of Premium (TROP) is a type of term insurance policy where the entire premium paid (minus nominal charges) is Read more returned to the policyholder at the end of the policy. In this plan, the policyholder receives survival benefits in addition to a refund of the premium. Read less

Term Insurance Plan with Return of Premium (TROP) is Read more is a type of term insurance policy where the entire premium paid (minus nominal charges) is returned to the policyholder at the end of the policy. In this plan, the policyholder receives survival benefits in addition to a refund of the premium. Read less

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Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V08)

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Written by

Vishal Kapoor

Insurance Expert

Vishal Kapoor

Vishal Kapoor, AVP - Brand & Product Marketing at Tata AIA, has over 17 years of experience in the BFSI sector. He is responsible for driving brand strategy, product & channel marketing campaigns.

Reviewed by

Girish J Kalra

Chief Marketing Officer

Girish J Kalra

Girish J Kalra, Chief Marketing Officer at Tata AIA, leading the organizations marketing & corporate communication initiatives..

Table of Content

What is a Term Plan with Return of Premium (TROP)?
How Does a Term Plan with Return of Premium Work?
Difference Between Pure Term Insurance and Term Plans with Return of Premium
Who Should Buy a Term Plan with Return of Premium?
Why Buy a Term Plan with Return of Premium Option?

How to Choose the Best Term Insurance with Return of Premium?
Why Should You Choose Us?
Features of Tata AIA Term Plans with Return of Premium
People Like You Also Read
Frequently Asked Questions

What is a Term Plan with Return of Premium (TROP)

Term return of premium (TROP) is a type of term insurance plan that provides life coverage to nominees/beneficiaries and a payout at maturity. If the life assured survives the policy term, he/she will be entitled to receive the premium amount. The beneficiary/nominee of the policyholder receives a payout if the policyholder dies within the term of the policy.

By paying an additional premium amount, policyholders can take advantage of TROPs. You can select the required sum assured and policy tenure and then pay the premiums.

It is suitable for:

Those looking to get money back after surviving the policy term
Those who require life insurance to support their families in the event of their death

How does a Term Plan with Return of Premium Work?

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.

Ms. Amrita, a 28-year-old lady, is looking for a life insurance policy to cover her family in the event she dies. So, she bought a Tata AIA’s term policy with return of premium for a sum assured of Rs. 1 crore, and a duration of 30 years. Two things can happen here:

Scenario 1: Ms. Amrita passes away within the policy tenure

The sum assured of Rs. 1 crore will be paid to her family members or nominees in the event she dies within the term.
Scenario 2: Ms. Amrita survives the policy tenure

According to the policy terms, if she survives the policy tenure, she will receive the entire premium paid (minus nominal charges).

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.

Who should buy a Term Plan with Return of Premium?

Single or Unmarried Individuals

If you are single or unmarried with fewer dependents or dependent parents, you can benefit from buying a term plan with return of premiums. The dual benefit ensures your loved ones are taken care of either way since the pay outs are tax-free⁴ under applicable tax laws.

Newlywed Couples

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.

Married and Have Kids

Once children come into the picture, there are always more responsibilities. Hence, investing in life solutions like term plans with a return of premium can help safeguard your spouse and children against any future financial emergencies. Moreover, the maturity benefit of survival can be used to pay for financial obligations like your child's higher education.

Senior Citizens and Retirees

If you are older or planning for retirement, a term plan with a money-back feature can be beneficial. It not only protects your family but also ensures that you have access to additional financial resources during your retirement.

NRIs

If you are an NRI with dependents, a term plan with a return of premium feature can help secure your loved ones back in India. As an NRI, you can also claim tax relief on your maturity proceeds under India's Double Taxation Avoidance Agreement (DTAA), so you are not taxed twice on the same income – in your resident country and India.

Why Should You Choose a Term Plan with Return of Premium Option?

Guaranteed Premiums Refund on Maturity

A term plan with return of premiums offers a guaranteed⁵ 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 100% 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.

Save on Tax!
Save on Tax!

Just like regular term plans, term plans with money-back features offer tax 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.
Life Cover and Death Benefits

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.
Enhance Risk Coverage with Riders

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.

How to Choose the Best Term Insurance with Return of Premium?

Here are some factors to keep in mind when choosing a TROP plan so you can buy the best term insurance with a return of premium feature:

A variety of factors must be taken into consideration when selecting a term plan with return of premium. Keeping these essential points in mind can help you make an informed decision.

Determine the required coverage

To protect your family's financial well-being in case of your untimely death, you should assess the coverage amount required, such as a 1 crore term insurance plan.

Check premium payments

To avoid skipping any payments or compromising on other expenses, make sure the premiums you pay are well within your budget.

Check Claim Settlement Ratio

Check the insurer's claim settlement ratio⁶ to ensure timely and successful claim payments.

Why Should You Choose Us?

89 Lakhs+

Families protected so far⁸
99.41%

Individual Death Claim Settlement Ratio⁹ in FY 24 - 25
4 Hours

Express Claim Settlement³
600 + Branches

Presence across major cities in India

³T&C apply

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Features of a Term Plan with Return of Premium

Dual Benefits

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.

Policy Term

With Tata AIA's term plan with return of premium, you can get comprehensive life cover protection up to 100 years of age6. This ensures that you can claim coverage for as long as you require under our term plans while securing your family!

Multiple Premium Payment Options

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.

Flexible Payout Options

With Tata AIA, 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.

Paid-up Option for Non-Earning Investors

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.

Add-On Riders

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 riders⁷ you need. To get accurate TROP policy quotes, use our term plan with return of premium calculator given below!

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General
Premiums
Coverage
Claim
Others

1.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.

2.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.

3.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.

4.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.

5.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.

1.What factors affect premium rates for my term plan with return of premium?
The factors that affect your TROP premiums rate will be the same as they are for a pure term policy. These are:
● You age.
● Your medical history
● Your lifestyle (E.g., smoking, drinking, adventure sports).
●Your chosen policy tenure, sum assured and optional riders^**, if any.

2.How does smoking or drinking alcohol affect TROP plan premiums?
Like any other life insurance policy, your lifestyle habits like smoking will affect your term plan premiums, be it a pure term plan or a term plan with return on premium term insurance. This is because smokers incur a higher risk in their lives as compared to non-smokers.

3.What is the grace period for Tata AIA's term plan with return of premium?
Tata AIA's term plan with return of premium has a grace period of 30 days for annual, half-yearly and quarterly frequencies from the due date of the last paid premium, while the grace period for monthly frequency is 15 days from the due date of the last paid premium.

4.What is the premium payment frequency under a TROP?
With a Tata AIA term plan with return of premium, you can choose from the monthly, quarterly, half-yearly, annual and single premium payment frequencies.

5.What happens if one is unable to pay the premiums for their Tata AIA TROP policy?
If you are unable to pay the premium on your TROP until the end of the grace period, then your policy can be converted into a paid-up policy. Only once you pay all the unpaid premiums and revive your policy can the plan become valid again.

6.Can I determine my TROP policy cost before my purchase?
Yes, you can calculate your term insurance premiums online with a term insurance calculator before you compare and buy a policy that is not only affordable for you but also meets your needs.

7.Will a return of premium term insurance be more expensive?
Yes, since they offer a dual benefit, the premiums for TROP plans will be higher than pure term plan premiums.

8.What discounts can I get on my Tata AIA term plan with return of premium?
This will depend on the term policy you choose. Some general discounts and value-added services we offer are preferential rates for women and non-smokers, free annual health check-ups and medical teleconsultation services.

1.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.

2.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.

3.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.

4.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.

1.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.

2.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.

3.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.

4.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

5.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.

6.What is the claim procedure of the nominee is outside of India?
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.

7.Can the claim be filed at the same branch from where the policy was purchased?
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.

1.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.

2.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.

3.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.

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Disclaimer
- Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V09)
- ¹As per the duly approved product design and terms & conditions of the product, Illustrated premium is the monthly premium for a 20 yr. old female, Standard Life, Non-Smoker for ₹1 Cr. Sum Assured with Policy Term of 40 yrs. (Regular Pay) under Life Promise Plus Option of Tata AIA Sampoorna Raksha Promise with first year premium discount of 10% for digital purchase and 8.5% for salaried person. Please refer Benefit Illustration for more details.
- Premium is subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
- ²Under Life Promise Plus Option, an amount equal to the 100% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.
- ³Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of ₹50 Lakh. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
- ⁴Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- ⁵Guaranteed/Guarantee: Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry
- ⁶Applicable for specific plan options. Please refer brochure for additional details.
- ⁷Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
- ⁸89,43,554 families protected till 31st May 2025.
- ⁹Individual Death Claim Settlement Ratio is 99.41% for FY 2024-25 as per latest annual audited figure.
- CritiCare Plus (CPB), Accidental Death (AD), Accidental Total & Permanent Disability (ATPD) are benefit options available under Tata AIA Vitality Protect (A Non-linked, Non-participating, Individual Health Rider). Hospi Care (HCB) is a benefit option available under Tata AIA Vitality Health (A Non-linked, Non-participating, Individual Health Rider)
- The assessment under the wellness program (Tata AIA Vitality) shall not be considered as a medical advice or a substitute to a consultation/treatment by a professional medical practitioner.
- No Goods and Service Tax shall be applicable on Individual life insurance products as per prevailing laws. Tax laws are subject to amendments from time to time. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder. Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. For ULIP policies taken on or after 1st February 2021, any payout will be taxable if annual aggregate premium exceeds ₹2.5 Lakh in a financial year. For non ULIP insurance policies taken on or after 1st April 2023, any payout will be taxable if annual aggregate premium exceeds ₹5 Lakh in a financial year. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
- Insurance cover is available under the product.
- The products are underwritten by Tata AIA Life Insurance Company Ltd.
- The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
- For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
- L&C/Advt/2025/Dec/4782