Top 5 Term Plans with Return of Premium in India 2021

Animesh (32-year-old) lives in Patna with his wife (28-year-old) and a son (3-year-old). Animesh works as an accounts manager in a private company. Being the sole breadwinner of the family, Animesh is flooded with a lot of responsibilities. Apart from taking care of his wife and son, Animesh also needs to support his son’s education when he grows up. That’s why Animesh has decided to purchase term insurance with the return of a premium plan that will offer life coverage and death benefits. But Animesh doesn’t have much knowledge about term plans, and thus, he can’t choose the best term insurance plan with a return of premium. Moreover, various insurance companies are trying to entice customers with different term insurance plans. That’s why it’s become an arduous job for people like Animesh to choose the best term plan with a return of premium to enhance the protection and security of their families.

What is term insurance with return of premium?

A term life insurance with a return of premium offers a life cover and offers death benefits to beneficiaries of the policy.

All policyholders can opt for term insurance with return and enjoy its benefits by paying additional premium amounts. According to your requirement, you can choose the sum assured amount and the policy tenure period. You need to pay the premiums at your convenience. Once your policy is matured, the insurance company will return all the paid premiums to the policyholder (if the policyholder survives till then).

Two types of customers are inclined to buy the best term life insurance with a return of premium.

• Policy buyers who are looking for savings apart from life coverage.
• Policy buyers who desperately need life cover to enhance the financial support of their families in their absence.

You are free to choose the best term plan with a return of premium that will meet your family’s financial requirements.

Top 5 Term Insurance Plans with Return of Premium in India

Let’s take a look at the top 5 term insurance plan with return of premium in India as mentioned below:-

1. Max Life Premium Return Protection Plan
2. TATA AIA Life Insurance iRaksha TROP
3. PNB MetLife Mera Jeevan Suraksha TROP
4. Bharti AXA Flexi Term Pro TROP
5. Future Generali Term Plan with Return of Premium

1. Max Life Premium Return Protection Plan

This is truly the best term plan with a return of premium for policyholders. This term plan is designed and offered by Max Life Insurance. Some prime features of this term policy with return of premium are,

• Max Life Premium Return Protection Plan is a limited-pay and non-participating plan.
• This is a single life premium return policy that covers policyholders with complete life insurance.
• The minimum entry age is 18 years, and the maximum age is 60 years
• Under this policy, policyholders will get an accidental death benefit, a maturity benefit, and a tax benefit.
• Policyholders are free to select the tenure period (20, 25, or 30 years). But they need to pay premiums for only 11 years under this policy coverage.
• This term insurance with a return of premium plan allows you to pay off the premiums until the age of 60, but the plan extends until 85 years of age.
• This plan is flexible and convenient. Policyholders will get all policy-related updates through text messages.

2. TATA AIA Life Insurance iRaksha TROP

This is another popular term life insurance with a return of premium plan that embraces policyholders with both coverage and a refund of premiums. Some features of this plan are,

• This policy offers options for protection up to the age of 100, or for policy terms up to 40 years
• The minimum entry age is 18 years, and the maximum age is 65 years
• Under this plan, policyholders are free to choose premiums options as per his/her convenience. Regular pay, limited pay, and single pay are the three possibilities available.
• While choosing the higher sum assured you would get discounts on the premiums
• Lower premium rates for women and non-smokers
• This plan’s premium payment options include yearly and half-yearly payments with a 30-day grace period.

3. PNB MetLife Mera Jeevan Suraksha TROP

This is another applauded non-linked and non-participating TROP plan offered by PNB MetLife India Insurance Company Limited. Some features are,

• This plan provides two payout options: ongoing income or a lump sum payment to protect your family in the case of your sudden demise.
• The available sum assured slabs are Rs. 25 lakhs – Rs. 49.99 lakhs, Rs. 50 lakhs – Rs. 99.99 lakhs, Rs. 1 crore – Rs. 1.99 crore, Rs. 2 crores, and above
• You can select to pay premiums by yearly, half-yearly or monthly mode

4. Bharti AXA Flexi Term Pro TROP

This is a non-linked, non-participating, and individual TROP plan offered by Bharti AXA. Some features of this term plan with return of premium are,

• This plan offers both maturity and death benefits
• You can increase the sum assured during the policy term
• Life cover till 99 years
• Cover for spouse
• Multiple premium payment options
• Benefits for non-smokers
• The minimum entry age is 18 years, and the maximum age is 65 years
• Tax benefits are as per the Income Tax Act, 1961

5. Future Generali Term Plan with Return of Premium

• This plan offers lump sum protection or income protection to beneficiaries
• The plan gives you the flexibility to choose the period of protection and the period of premium payment
• This plan gives you an option to enhance your sum assured
• If the policyholder survives at the end of the policy term, he/she will receive 100% or 115% of the premiums you have paid 
• Tax Benefits under sections 80 C and 10 (10 D) may be available as applicable
• Lower premium rates of female policyholders
• The entry age is 18-55 years, and the maturity age is 28-75 years

These are the top 5 term insurance plans with a return of premium that you should consider if you want life coverage and death benefits.