Death is surely inevitable, especially when several diseases and other uncertainties are around the corner. To prepare for any unforeseen events in your life, you need to have a term life insurance plan that helps you provide a safe and sound financial future to your family and help them cope with the various challenges of life in your absence.
While Several insurance providers in India offer term insurance plans, only a handful of them include the return of term insurance premium option, which allows you to get back the amount of premium paid towards a policy in case you survive throughout the tenure of your plan. With that said, let us take a look at some of the best term plans with return of premium option:
1. Aviva Life Shield Advantage Plan
The Aviva Life shield advantage plan is a non-participating and non-linked protection plan that provides a financially secure future for your loved ones in case of your unfortunate demise. In addition to the death benefit offered to your family the plan also provides survival benefits in form of the return of premium options that can be availed in case you survive throughout the tenure of your policy.
Being a term plan with return of premium option, it can also be purchased online in a completely simple and convenient way. The plan provides various unique features and benefits that make it fit the bill for the financial safeguard of your family’s future at a very genuine price. Moreover, all the premiums you pay towards the policy are returned in the event of your survival throughout the policy tenure.
You can also choose from multiple options to pay term insurance premiums such as single payment options and regular payment options. Additionally, there are two different coverage options to choose from namely life cum disability protection and life protection. The plan is also eligible for tax benefits under the section 80c and 10(10D) of the Income-Tax Act of India.
2. Canara HSBC Oriental Bank of Commerce iSelect Star Term Plan
The Canara HSBC Oriental Bank of Commerce iSelect Star Term plan is a very comprehensive term insurance policy designed specifically for providing reliable financial protection to your family and catering to their needs in your absence. Various unique features make this plan one of the best term policies available in the market such as options like whole life coverage, covering spouse in the same policy, multiple premium options, and so on.
It offers different coverage options as per your preferences along with a variety of choices to receive benefit payouts as well. You can either choose to pay the policy premium through limited payment options or a single payment option. There are a total of 3 coverage options offered by the plan namely life, and life plus life with a return of premium that is categorized even further.
Optionally you can also choose from various riders such as accidental death benefit, child support benefit, accidental total and permanent disability premium protection, and accidental total and permanent disability premium protection Plus. This plan is also eligible for tax benefits under section 80c of the income tax act.
3. Exide Life Smart Term Plan
The Exide life smart Term plan is a non-linked and non-participating individual protection plan that provides a financial safeguard to your family against various kinds of unfortunate events. With a very nominal premium rate, the plan offers you higher insurance coverage as compared to other policies available in the market.
Moreover, if you survive till the tenure of your policy, the entire premium amount you paid will be returned. The plan is classified into three major categories namely classic setup and comprehensive. Additionally, you can also choose to extend the coverage of your policy by opting for riders like accidental riders and critical illness riders. It also provides flexible payment options to make the plan highly convenient for you.
4. Shriram Life Cash Back Term Plan
The Shriram Life cashback Term plan is a very budget-friendly and easily accessible financial protection policy for your loved ones. This plan provides a lump-sum payout in the event of your unfortunate death to your chosen nominee and helps them tackle the day-to-day expenses of their life. Also, the premiums that you pay towards the plan will be returned in case you survive throughout the tenure of your policy.
There are various options to pay the premiums of this plan that make it extremely flexible. Moreover, there is almost no paperwork required and the process to gain this policy is completely hassle-free. This term insurance plan also features various rider benefit options to extend the coverage of your policy and make your life more secure. Even the premium rates are very affordable and don’t act like a burden on your finances and living standard.
5. SUD Life Abhay
The SUD life Abhay is another non-participating term insurance plan that offers that cover to your loved ones in case of your untimely demise. It allows you to choose between plain life cover and cover integrated with the return of premium options as per your requirements. Moreover, there are three different types of payout options that you can choose as per your financial capabilities.
This plan also provides you the flexibility to choose between multiple options of policy terms and premium payment terms. You can also avail of life coverage of up to 40 years with the maximum coverage amount of rupees hundred crores. Furthermore, there are three payout options to choose from namely monthly income, lump sum, and a combination of both. This term insurance plan can also be used to avail tax benefits under the section 80c and 10(10D) of the income tax act.
Securing the future of your dependents through a term plan with return of premium is the best financial planning that you can choose for your loved ones. Consider taking a look at the plans given above to make the most out of your investment.