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When it comes to securing the financial future of your loved ones, term insurance stands out as an ideal option. However, with the availability of a wide range of insurance products, the question arises:
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Is it wise to buy term insurance with maturity benefits? Yes, it is a good decision to choose term plans that have maturity benefits after the end of the policy term so that even if you outlive your policy term, you can easily get back all your paid premiums. This way, you are protecting your loved ones for the unforeseeable future and ensuring you enjoy the return of premiums if you survive the policy duration. Let’s learn more about term insurance with maturity benefits in detail here:
Let’s learn more about term insurance with maturity benefits in detail here:
Maturity benefit is the amount your life insurance provider pays when you survive the policy term. Under a term insurance policy, no maturity benefit is offered to the policyholder as it only provides a lump sum payout in case of the policyholder's death. On the other hand, a term insurance plan with maturity benefit or Term Return of Premium (TROP) offers a refund of premiums at the maturity date. You can only get all the benefits when you outlive the policy term.
The maturity benefit is the amount received by a policyholder or nominee after the maturity of an insurance coverage. This mainly includes 3 components:
Sum Assured
Accumulated bonus,
Terminal Bonus (if any).
*Note: The maturity benefit is applicable only when the plan is active.
Term Plans
No, not all term insurance plans have maturity benefits. Term insurance plans generally provide pure protection, meaning the policyholder buys term insurance and pays regular premiums to keep the plan active. And, in the unfortunate event of his/her death, the assigned nominees will receive a death benefit. There are no additional benefits assigned in a base term plan. But, if the policyholder wishes to receive a maturity/survival benefit, he will have to choose the term plans that have return of premium benefit. However, it is essential to understand what is term insurance before purchasing a term return of premium plan.
Let’s understand term insurance with maturity benefits with the help of this example:
Suppose Ramesh, a 30-year-old man, is considering to buy term plan to secure his family's future. He analyzed that choosing a term insurance plan with maturity benefits could be a smart move for him. This type of policy not only provides a lump sum payout if he passes away during the term but also refunds all the premiums paid if he survives the entire policy term. By choosing a Term Return of Premium (TROP) plan, Ramesh ensures that his loved ones are protected while also getting back the premiums that he paid upon survival, making it a smart choice for comprehensive financial security and peace of mind.
*Note: You can estimate the premium for your selected term plan using the term insurance calculator.
The key features of term plan with maturity benefit are as follows:
Entry Age- The entry age of the TROP plan generally ranges from 18 years- 65 years.
Premium Paying options- The policy offers single pay, limited pay and regular pay options of premium payment.
Policy Maturity- The maturity age differs from plan to plan.
Premium Payment Mode- The plan offers Monthly or Yearly premium payment modes.
Coverage- Term plan offers both Maturity and death benefits. Also, you can choose a nominee if you avail of term insurance with a maturity benefit plan.
Policy Term- The Minimum policy term is 5 years, and the maximum term can be between 30 years to 35 years
Premium Rates- The plan quotes are based on the sum assured amount and age of the policyholder.
Free look period- The free look period is 15 days, if the term plan is bought offline and 30 days if you buy it online.
*Note: The diverse benefits of term insurance allows individuals to buy term plan to safeguard their loved ones.
The benefits of term insurance with maturity benefit are as follows:
Survival Benefit: Upon maturity of the term plan, i.e. if the policyholder survives the policy duration, the insurer refunds the entire premium amount.
Death Benefit: Similar to a traditional term insurance policy, term insurance with maturity benefit offers a death benefit. In case of the unfortunate event of the policyholder’s death, the nominee receives the sum assured along with any accrued bonus.
Tax Benefit: Policyholders are eligible for tax benefits on premiums paid under Section 80C of the Income Tax Act.
Additional Features: The term insurance with maturity benefit policy offers the flexibility to enhance coverage through riders/add-ons. This allows policyholders to choose options like Critical Illness and Accidental Death or Disability riders.
*Note: Take the time to evaluate and compare the best term insurance policy in India through Policybazaar's comparison engine.
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The following is the list of life insurance with maturity benefit plans :
| Plan | Entry Age | Maturity Age | Sum Assured | |
| ICICI Prudential iProtect Return of Premium | 18 to 60 years | 85 years | 25 Lakhs - 20 Crores | |
| HDFC Click 2 Protect Super | 18 to 65 years | 85 years | 50 Lakhs - 20 Crores | |
| Max Life Return of Premium | 18 to 65 years | 85 years | 50 Lakhs - 1 Crore | |
| TATA AIA SRS Vitality Protect | 18 years - 60 years | 85 years | Rs. 50 Lakhs to 2 Crores | |
| Bajaj Allianz Life eTouch | 18 years - 55 years | 99 years | Rs. 50 Lakhs to 10 Crores (2 Crores incase of Rider) | |
| PNB Mera Term Plan Plus | 18 to 60 years | 99 years | 50 Lakhs - 10 Crores | |
| Canara Young Tem Plan Life Secure TROP | 18 to 45 years | 99 years | 15 Lakhs - 20 Crores | |
| Aditya Birla Salaried Term Plan | 21 to 55 years | 70 years | 50 Lakhs - 5 Crores |
*Note: Securing your loved ones' future against life's uncertainties is possible with the purchase of the best term plan for 1 crore.
Even though the term return of premium plan (TROP) comes with a higher premium rate, it also offers the benefit of guaranteed return, and you get a refund of the premium on the policy's maturity. However, it is always advised to compare plans offered by the insurance company and then choose the one based on your suitability and requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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