Defining Survival Benefit In Term Life Insurance Policy
Term insurance is the most basic form of life insurance policy in India that provides life cover for a pre-specified time period. The beneficiary receives a predetermined sum insured on the death of the policy holder within policy period.
Among the several types of term insurance policies in India, only the term insurance with returns of premiums (TROP) offers survival benefits.
In this article, we will discuss more about feature, advantages and best term insurance policies in India with return of premiums:
What is term insurance with returns of premiums (TROP)?
Term Insurance with return of premiums (TROP) is similar to a regular term insurance plan that offers a basic life insurance cover to the policyholder, the only difference between the two life insurance policies in India is the survival benefits you get at the maturity of policy tenure in the form of returns of premiums paid to the insurance provider.
What is the meaning of survival benefits in term life insurance policy?
Survival benefits in a life insurance policy is the amount that you receive from the insurance company if you survive until the end of policy tenure. Usually, there are no survival benefits for a term life insurance policy in India except for the TROP which offers return of premiums that you have paid over the years for the life cover at the end of policy period.
What are the advantages of buying the best term insurance policy in India with survival benefits?
Below are the advantages of buying a term insurance policy with survival benefits:
- All the premiums paid by you are returned back to you at the end of the policy period on survival.
- On death during the policy period, your family gets the sum assured which gives them monetary support in your abscene.
- You can buy additional riders like Critical Illness Rider, Accident Protection, etc to increase the scope of coverage of your term insurance.
- You can avail income tax benefits under section 80C on the premiums paid to buy the best term insurance policy in India, section 80D on the additional riders.
What are the features of the best term insurance policy in India with survival benefits?
Below are the key features of best term insurance policy in India with survival benefits:
- A term insurance policy with return of premiums is available only if your age is 18 to 65 years.
- You get 15 to 30 days of free look in period on buying a life insurance policy in India which allows you to cancel the policy if you do not find it suitable and get the full refund of premiums paid.
- All term insurance policies with return of premiums have a minimum tenure of 5 years and maximum of 35 years.
- You can get the best term insurance policy in India with survival benefits for yourself as well as for the whole family.
- Premiums for term insurance with return of premiums are usually higher than other types of term insurance and the amount of premium may vary for different insurance companies based on your age, sum assured, lifestyle, pre-existing conditions, etc.
- Term life insurance policies in India give you a grace period of 15 to 30 days to renew the policy on expiry.
- Best term insurance policy in India with return of premiums (TROP) offers death benefits as well as survival benefits which is a unique feature as no other term insurance provides both death and survival benefits.
- You can buy and renew your term insurance policy with return of premiums online in just a few simple steps.
How to choose the best term insurance policy in India with survival benefits?
You can get the best term insurance policy in India with survival benefits by analysing the quality of insurance companies offering these policies on the basis of Solvency ratio, Claim Settlement Ratio, Incurred Claim Ratio, Commission Expense Ratio, Persistency Ratio and Online Reviews.
You can read the section “Evaluating best Life Insurance policy in India” on our Life Insurance page to learn more.
Which is the best term insurance policy in India with survival benefits?
Below is the list of some of the best term insurance policy in India with return of premiums:
- ABSLI DigiShield Plan
- Max Life Premium Return Protection Plan
- Tata AIA iRaksha Plan
- PNB MetLife Mera Jeevan Suraksha
- ICICI Prudential Life Guard Return of Premium
- Aviva iShield Plan
- AEGON Life iReturn Plan
- HDFC Life Click 2 Protect
Conclusion:
Consult your insurance advisor for assistance in choosing the best life insurance policy in India based on your insurance needs and requirements.
