Go for Value for Money Insurance with Return of Premium Plans



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 moneyproducts that will cover the risk and offer returns with TROP plans. 

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