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HDFC Life Term with Return of Premium

UIN: 101N163V01

Protect your family with term insurance that returns your premiums

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HDFC Life Term Plan with Return of Premium

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

What is Term Plan with Return of Premium?

Simply put, Term Insurance Plans are the basic form of life insurance that cover the untimely death of a policyholder by providing a sum assured to the bereaved family. TROP is an extension of the same where the insurance offers an additional benefit of the return of all the premiums paid on maturity of the plan. So, while TROP offers a lumpsum life cover or sums assured as a death benefit, it also pays back the premiums in case the policyholder survives the policy term.

Why HDFC Life Term with Return of Premium is just right for you?

 A Non-Linked Non-Participating Individual Savings Life Insurance Plan

Why HDFC Life Term with Return of Premium is just right for you?

  • This plan is suitable for you, if you are looking for a life insurance cover for protecting your family and also want return of premiums paid on policy maturity

  • Life insurance cover without medical tests

  • Return of total premiums paid on completion of policy term

  • Flexible Premium payment options

  • This plan is suitable for you, if you are looking for a life insurance cover for protecting your family and also want return of premiums paid on policy maturity

  • Life insurance cover without medical tests

  • Return of total premiums paid on completion of policy term

  • Flexible Premium payment options

Why HDFC Life Term with Return of Premium is just right for you?

How does Term Plan with Return of Premium work?

The mechanism of the Term Plan with Return of Premium enables the policyholder to pay the premiums at a frequency of their choice. Premiums of a TROP can be paid annually, half-yearly, quarterly, monthly or in a single payment schedule. Similarly, if the policyholder survives the policy period, they can get the maturity benefit in their preferred format- the whole amount in a lump sum, in monthly instalments for a said period or a combination of both.

Why should you opt for a Term Plan with Return of Premium?

Here are some reasons why opting for a TROP plan make sense:

1

No Money Lost

Basic Term Insurance with Risk Covers provides you with a death benefit only. In case you survive, the total money invested is lost. TROP takes care of this fact and ensures you get back whatever premium you paid.

2

Guaranteed Return

Apart from the death and maturity benefit, TROP doesn’t cater to any savings or investments in the market. Hence, the amount of return from this policy is guaranteed1 both in case of life cover and return of premium is fixed and guaranteed1.

3

Flexible Premium

 TROP offers flexibility in premium payment as policyholders get to choose the preferred frequency. They can opt for annual, half-yearly, quarterly, monthly or single payment of premiums based on convenience.

4

Flexible Return

TROP empowers its policyholders to enjoy the returns in their preferred schedule. They can get the maturity benefit in lumpsum, in monthly instalments or a mix of both.

5

Scope of Revival

 In case you default on the payment of premiums, TROP policies can be revived within 5 years from the last payment. If you default till the end of this grace period, the policy turns into a paid-up policy automatically to avoid a lapse.

What are the benefits of a Term Insurance with Return of Premium?

There are four major benefits of a TROP plan:

Death Benefits

Death Benefits

In case of an unfortunate demise, the bereaved family will get the life cover or the sum assured from a TROP which is sure to act as a major financial support during tumultuous times. Ideally, this cover should be at least 10 times the annual income of the policyholder.

Survival Benefits

Survival Benefits

In addition to the death benefits, TROP ensures that the policyholder doesn’t lose their hard-earned money paid as premiums. Usually, 105% of the total premiums paid are returned on maturity in case of survival of the policyholder.

Tax Exemption

Tax benefits

Premium payment of TROP comes with tax exemption under section 80C of the Income Tax Act and lets you enjoy a deduction of up to Rs 1.5 lakh per annum. The death and maturity benefits offered by the policy are also exempted under sec 10 (10D)2.

Optional Riders

Rider Benefits

You can add optional riders to your TROP and get covered for emergencies like critical illness or accidents. 50% of the sum assured can be claimed in case one gets diagnosed with a terminal disease, based on certain terms and conditions.

View More Features

View the benefits available for you

View the benefits available for you

  • Life Insurance Cover
  • Return of Premium
  • Flexible premium payment option
  • Premium Discount for Female policyholders
  • Tax Benefits

Life Insurance Cover

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Life Insurance Cover

  • The plan provides life insurance cover for the entire policy term.

  • The policy issuance is hassle free and speedy as no medical tests are required while buying the policy.

  • In case of the unfortunate demise of the insured, an amount equal to sum assured on death is paid to the nominee. Sum Assured on Death is defined as higher of :

    • Absolute amount assured to be paid on death, or
    • 105% of total premiums paid till the date of death
    •  ‘X’ times the Annualized premium for base policy, or
    • Sum Assured on Maturity.
       

    The multiple of ‘X’ times is defined as follows:

    For Regular and Limited Premium:

    ‘X’ (Till 44 years)

    ‘X’ (45 years and above)

    10 times

    7 times
Talk to an Advisor

Check Eligibility Criteria

ELIGIBILITY CRITERIA

Entry Age (Years)

18 to 50

Policy Term1
(Years)

Limited Premium

10 to 30

Regular Premium

12 to 30

Minimum Sum Assured 

Limited Premium

10 Lakhs

Regular Premium

5 Lakhs

Maximum Sum Assured 

25 Lakhs

Premium Paying Mode

Annual

1. The maximum Policy Term is 30 years subject to maximum maturity age of 65 years

What are the features of the Term Plan with Return of Premium?

The features of a TROP are designed in a way to give you maximum benefit for your chosen investment.

Life cover up to 100 years

Life-long Cover

TROP policies can opt for a life cover up to 100 years of age! So, even the healthiest policyholder can stay insured for his entire life span, after which his family would get financial support.

Dual Benefits

Dual Benefits

In case of untimely demise, the policyholder’s family gets covered with death benefits. Alternately, if the policyholder survives, no money is lost either, as all the premiums are returned as a maturity benefit.

Enjoy flexibility

Total Flexibility

The TROP policyholder can enjoy flexibility in both premium payment and maturity benefits. You can choose the frequency of paying premiums as well as the payouts of return on maturity.

Tax Exemption Under section 80C

Tax Exemption

Both premium payments and the dual benefits of a TROP policy enjoy tax exemption under sections 80C and 10 (10D)2.

Additional Advantages

Added Advantages

TROP policies come with additional advantages like optional coverage for critical illness, terminal illness, accidents and accidental disability.

Scope to avoid Lapse

No lapse

No worries if you falter in paying premiums. TROP provides a scope to avoid lapse of policies and allows you to revive them within 5 years from the last unpaid premium.

Who can avail Term Plan with Return of Premium?

Who can avail Term Plan with Return of Premium?

TROP is for anyone and everyone. If you are single, the policy would benefit your parents if anything unfortunate happens. Similarly, if you have a spouse or have a family with kids, they will get the financial cushion when you are not around. If you are a senior citizen, your nominee will get the death benefit. And in case you survive through the term plan, the maturity benefit will be your instrument to take care of your financial goals.

How to choose the best Term Insurance with Return of Premium option?

There are various options for TROP policies available in the market. Check the following criteria to choose the best fit for yourself.

Life Cover Amount

Coverage amount

The life cover amount you choose for your policy should be sufficient to protect your family from all possible financial troubles in case an unforeseen event occurs.

Amount of the Premium

Premium payment

The amount of the premium depends on factors like your age, health and medical condition, financial status and tenure of the policy. Choose the premium amount and the payment frequency wisely so that it doesn’t become a burden for you.

Insurer’s credibility

Insurer’s credibility

Check the insurance company’s settlement ratio to pick the right policy. The higher the ratio (ideally 98% and above), the more credibility and the higher the chances for the claim settlement to be smooth and successful.

How to buy the best Term Insurance with Return of Premium plan from HDFC Life?

HDFC Life is a credible player in the insurance market. Their TROP policy comes with the following benefits:

FAQ's

1 What will happen to term insurance after maturity?

There are no maturity benefits available in term insurance. Thus, the policy simply expires at the end of the policy term if the policyholder survives. Usually, a notice from the insurer reaches the policyholder informing of the expiry date, beyond which the policy will no longer be in force or no death benefits will be payable.

2 Do I get my premiums back on term insurance?

The term insurance has only the life cover and no money-back benefits. However, term insurance with the return of premium (TROP) policies returns all the premiums paid on maturity, if the policyholder survives.

3 What is the return of premium charges?

The return of premium rider in TROP policies offers money back for all the premiums paid if the policyholder survives till the end of the policy term. Therefore, whatever expense is made comes back to the policyholder, reducing his net cost to zero.

4 Can I get my money back if I cancel my term insurance?

Unless your term insurance is of the TROP category, there is no option to get back your money in the event of maturity or cancellation of the policy at any point in time.

5 What are the minimum eligibility criteria for TROP?

The minimum eligibility criteria to buy a TROP policy is the age of the policyholder should be within 18-65 years. Since these policies offer money back on maturity, the premiums are relatively expensive compared to the general term insurance.  

6 Can I add riders under TROP?

Yes, TROP policies allow adding riders like accidental death or disability benefits, cover against critical or terminal illnesses and premium waivers. However, the available options vary from company to company. 

7 Is there any grace period in TROP?

Grace periods are available in TROP policies. Normally the grace period is 15 days in case of a monthly premium schedule and 30 days for annual payments of premium.

VIEW MORE

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Disclaimers

  1. Only for policies that are in-force. (3% of sum assured on vesting) that will get accrued for each completed policy year. Subject to policy being in force and all due premiums being paid. Conditions Apply.
  2. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

ARN - ED/08/23/3706