There
are various kinds of insurance policies offering different kinds of benefits.
The basic purpose of the insurance plan is to cover the risk. There are term
policies and money back policies. The term policy is the purest form of the
life insurance product. The premium is very low and the benefit is very high
with the term insurance plan. It is possible to get value-for-money with the
term policy. Money back plans offer savings or corpus-building potential along
with the risk coverage. You should be able to make the most of the money by
subscribing to a suitable policy as per your needs. There are many specialized
policies to cater the needs of Non Resident Indians (NRIs).
How to get the best value for the insurance plan?
Businesses
offer various kinds of discounts, coupons and special offers to promote their
products and services. There will be special discounts for policies brought
during a specific window. Some insurance company offers special privileges
based on age, policy term, and other factors.
By
being associated with the company for a long period, the company will like to
reward the customer. There is no exception with the life insurance company. A
special terminal bonus will be offered for policyholders after the maturity.
The
special bonuses are not offered for a policyholder who discontinue the policy
or surrender the policy before the maturity date. Hence, you should choose an
insurance policy with an affordable premium. You can buy life insurance for
NRI after comparing various plans through the online mode.
How to choose the most appropriate insurance plan?
Term policy
A
term plan will cover the risk very efficiently. However, there will not be any
returns if the policyholder is alive after the end of the term.
The
risk factor will be covered by the term policy by paying an annual or monthly
premium. The coverage will be very high. If the policyholder dies during the
term, the beneficiary will get all the financial benefits. In addition to the ‘sum
assured’,
the company will pay various kinds of bonuses as well.
There
are term policies which are designed to cover the risk and they will return the
premium as well.
Premium return protection plan
The
premium return protection plan will return the premium after the maturity date.
You will pay the premium for a limited payment term and the benefits are
enjoyed throughout the life term. There will be guaranteed returns of the
premiums if the policyholder is alive after the maturity date. You can choose a
term plan of your choice such as 20, 25 and 30 years as per your convenience.
The
following benefits are offered by the ‘premium return protection pan’:
•
Survival benefit
•
Death benefit
•
Long-term protection
Max Life Premium Return Protection Plan
•
Premium payment term of 11 years
•
In-built accident benefit rider offers
additional 50% of sum assured
•
Guaranteed death benefit which is 10 times
higher than the annual premium
•
Guaranteed matured sum assured equal to the
total number of premiums
•
Income tax benefit under Section 80C and
Section 10 (10D)
•
Entry age – 21 years and 55 years
•
Maturity age – 75 years
•
Policy term – 20, 25, and 30 years
•
Sum assured – Rs. 5 lakh to Rs. 1 crore
Tata AIA Life Insurance iRaksha TROP
The
online (Term Return of Premium) TROP life insurance for NRI comes with
best value-for-money benefits. The product will protect income for your loved
ones in a very efficient way.
•
Single plan with protection and premium
return benefit
•
Premium payment –regular, limited and single
•
Preferential premiums for non-smokers
•
Discount on opting for higher sum assured
•
Special discount for females
•
Tax benefit under Section 80C and Section 10(10D)
•
Eligibility – 18 years to 65 years
Bajaj isecure Insurance Term Plan
•
Entry age – 18 to 60 years
•
Maturity age – 28 to 70 years
•
Low insurance premium for non-smoker and
preferred non-smoker
•
Policy term – 10, 15, 20, 25, and 30 years
•
Free look period – 15 days
•
The premium frequency can be changed during
the premium period
•
Nominee can get death benefit in equal
installments for 5 to 10 years
•
Special rates for the sum assured less than
Rs. 20 lakhs
Conclusion
With the help of
insurance plans with premium return option, there will not be a loss to your
premium if the plan is not claimed during the term. NRIs can subscribe to
appropriate insurance plans as per the needs of their dependent children and
spouse. There are plans that offer premium discounts on various factors
including age, term, and sum assured. The sum assured can be increased with the
flexible premium enhancement plan. You can go for ‘value for money’ products that will
cover the risk and offer returns with TROP plans.
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