Death is certainly not a suitable topic of discussion, but among the various life events, it is the only thing that’s bound to happen at a certain point in your life. It comes with grief, pain, and of course financial instability, especially if you’re the only breadwinner of the family.
If you have family members who financially depend on you, then an unforeseen event like your unfortunate demise can cause great destruction in your family.
However, there’s a sure-shot way to prevent such things from happening – by investing in a reliable term plan with a return of premium option. It allows you to build a financially secure future for your family members and help them cope up with their daily activities in your absence.
Although you may find numerous types of term plans, the one with the “Return of Premium” option helps you make the most out of your investment. Here’s are term plans with return of premiums and a list of best picks available in India:
What is a Term Plan with Return of Premium?
Plain old term insurance might not be a preferred choice for you, especially when you’re seeking higher returns on your investment. On the other hand, a term plan with a return of premium option offers you benefits in case of both survival and death.
Moreover, the most prominent benefit of these plans is that you also gain the premiums you’ve paid throughout the policy tenure back at the moment your plan matures. Talking about regular term insurance, it only offers a death benefit to your nominee and there are no other payouts except sum assured.
Along with the other benefits offered by term plans such as rider availability and tax benefits, you can also enjoy survival benefits and assured returns by choosing the return of premium option with your preferred term plan.
Best Term Plans Available in India
- SUD Life Abhay Term Plan
The SUD Life Abhay is a non-participating term plan that provides a death benefit to your chosen nominee in the event of your unfortunate demise. Whether you’re looking for a plain-old policy or term plan with a return of premium option, this plan allows you to choose between the two as per your preferences.
It also provides three different payout options that can be used to receive the benefits as per your financial requirements. The plan also allows policyholders to personalize their savings through different coverage and premium payment terms.
With this plan, you can gain a life cover of up to 40 years, along with maximum coverage of a hundred crore Indian rupees. The plan is also eligible for tax benefits under section 80C of the Income Tax Act and provides ranging payout options like monthly income, lump sum, or both.
Exide Life Smart Term Plan
Available at a very affordable term insurance premium, the Exide Life Smart term plan is an individual, non-participating plan that helps you safeguard your family financially against a variety of unprecedented events.
It offers a more comprehensive life cover as compared to traditional term plans and also features the return of premium options that allows you to get back your paid premiums in case you survive till the end of the policy tenure.
This plan is available in three different variants with different features for ranging needs of users. Moreover, there are several optional riders available to extend your coverage such as critical illness benefit and accidental death benefit, and you can also choose your preferred premium payment terms.
Canara HSBC OBC iSelect Star Term Plan
If you want to keep your loved ones protected against all the odds of life, the iSelect Star Term Plan by Canara HSBC OBC Life Insurance matches your requirements. It’s one of the most comprehensive term plans with a variety of unique features.
With this plan, you can gain coverage for your entire life and also add your spouse under the same policy without spending anything extra on a standalone policy. There are even multiple premium payment terms available for added convenience.
Whether you want to receive the benefit payout in form of lump-sum amount, recurring income, or even both, this plan allows you to choose your desired benefit pay-out terms as well. There are different coverage options available with the plan for varying requirements as well.
In case you want to pay a single premium, this policy supports that too. It features three unique variations namely Life, Life Plus, and Life term plan with return of premium option, and these plans are also individually categorized even further.
There are also various riders that you can add to your plans such as child support benefit, accidental death benefit, accidental total and permanent disability, and a lot more. You can also save money on taxes through this term plan.
Aviva Life Shield Advantage Term Plan
Aviva Life Shield Advantage is yet another non-linked and non-participating term plan that helps you build a financial cushion for the betterment of your family in case of your demise. The plan offers both death benefit and maturity benefit in form of the return of premiums.
Moreover, you can easily purchase this plan online from the comfort of your home, without any middlemen involved. It even offers multiple premium payments and pay-out received terms based on your financial preferences as well.
If you want to ensure the proper financial security of your loved ones in your absence, investing in a term plan with an affordable term insurance premium is surely an important thing for you. With the various features of these plans, you can always have peace of mind knowing that your family is covered against all financial burdens, even when you’re no longer with them. Therefore, make sure you take a look at the various term plans listed in the article.