Term Plan with Return of Premium (TROP): Affordable Term Plans

2022-07-07

884 Views

6 minutes read

Begin securing your future

Full Name* Please enter correct name Please enter the Full name

Mobile Number* Please enter valid mobile number Please enter Mobile Number

Email* Please enter valid email Please enter Email

I agree that even if my contact number is registered with NDNC / NCPR, I would still want the Company to contact me on the given number and email id for the clarifications/product information sought by me and agree that I have read and understood the Privacy Policy and agree to abide by the same.

...Read more Consent is required

Exit Pop Up

Live Life More Confidently

Get best insurance from our experts

Name is required Name should be Valid

Mobile Number is required Mobile Number should be Valid

Email is required Email should be Valid

DOB is required DOB should be Valid

Annual Income*

< 3 3-5 5-7 7-10 > 10

Annual Income is required

I agree that even if my contact number is registered with NDNC / NCPR, I would still want the Company to contact me on the given number and email id for the clarifications/product information sought by me and agree that I have read and understood the Privacy Policy and agree to abide by the same.

Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

Term insurance plans have become very important in today's world. Who doesn't want financial security for their families? They help you to fulfil the future dreams of your family without any worry about financial resources. It enables you to keep your family needs secure even when you are not around.

What is a term Insurance plan?

A Term Insurance plan is a plan that provides coverage for a particular period of year or term. And in case of any unfortunate event with the policyholder, it provides death benefits to the beneficiaries. It also offers various benefits, such as survival benefits, maturity benefits, tax benefits, and many more. However, this can depend on the plan chosen.

Canara HSBC Life Insurance offers various term insurance plans with several benefits. You can choose any of them based on your preferences and requirements.

Types of Term Plans by Canara HSBC Life Insurance:

iSelect Smart360 Term Plan: This plan by Canara HSBC Life Insurance offers various advantages such as complete life coverage, covering a spouse in the same policy, multiple premium payments options, and many more. It also provides a return of premium benefit according to which all your premiums will be returned once you outlive the policy tenure.

Cover options under this plan are:

Plan Option Life: In this, the sum assured on death is payable, and the policy terminates upon payment of the benefit. However, both the life assured and spouse can be covered for the term of the contract subject to the policy's terms and conditions.
Plan Option Life With Return of premium: In this, the sum assured on death is payable, in case of death or on terminal illness diagnosis during the policy term. The total premium paid by you at maturity will be returned if the policy term is outlived and then the policy terminates.
Plan Option Life Plus: This option under iSelect Smart360 Term Plan, the sum assured on death is payable, in case of death or on terminal illness diagnosis during the policy term and the policy terminates. And the total premiums paid will be refunded on the date of maturity in case of survival till maturity, and the policy will continue to extend till you attain 99 years of age. Sum assured you would be paid in case of death or diagnosis of a terminal illness. On attaining 99 years sum assured will be paid and the policy will be terminated.

Product Parameters:

Age at entry:

Minimum	18 years
Maximum	65 years For PPT up to the age of 60 years (under plan option life ) - 55 years. For PPT up to the age of 60 years (under other plan options) - 50 years. And for a single premium option - 45 years. For non working spouses - 50 years.

Age at maturity:

Minimum	28 years
Maximum	80 years For the whole life coverage under plan option life - 99 years For ADB or ATPD - 75 years

However, these options are not available if you have opted for spouse coverage.

Policy term

Parameters	Minimum	Maximum
Policy term (subject to maximum maturity age)	Plan option life - 5 years Other plan option - 10 years	Plan Option Life -62 years This is not available for whole life coverage. It will be fixed at 99 minus age at entry in it. Other plan options - 30 years.

Premium payment term:

Life	Single premium (not available for whole life coverage) Limited Pay - Choose between 5/10/15/20/25 up to age 60 years Regular pay - Equal to the policy term
Life with the return of premiums	Limited Pay - Choose between 10/ 15/ 20/ 25 / up to age 60 years Regular Pay - Equal to the Policy Term
Life plus	Limited Pay - Choose between 10/ 15/ 20/ 25 / up to age 60 years Regular Pay - Equal to the Policy Term

Sum Assured

Parameters	Minimum	Maximum
Sum assured	Plan Option Life – Rs. 25,00,000* Optional In-Built Covers – Rs. 25,00,000 Other Plan Options – Rs. 15,00,000	As per Board Approved Underwriting Policy (BAUP) For ADB – Rs. 3,00,00,000 For ATPD PPP – Rs. 1,00,00,000 For non-Working Spouse – Rs. 25,00,000

How does the plan work?

You can alter your plan according to your insurance requirements.

Life Option:

Step 1: Choose one of the Coverage Options as per your Life Insurance needs - Level or Increasing.

Step 2: Choose any of the Optional In-built Covers according to your Life Insurance needs.

Step 3: To cover spouse, choose any one of the Benefit Payout Options at the time of point of sale.

Step 4: For the Part Lumpsum and Part Monthly Income, you can select the proportion 25% / 75%, 50% / 50% and 75% / 25%.

Within Monthly Income, select level / increasing (@ 5% p.a. or @ 10% p.a.) Monthly Income and select to receive it in equal monthly instalments over 120 months or till the end of the Policy Term or 40 years, whichever is ahead.

However, only the Lump Sum option is available in the Whole Life Coverage under Life Plan Option.

Life With Return of premium:

Step 1: Choose any one of the Benefit Payout Options at the time of point of sale.

Step 2: For the Part Lumpsum and Part Monthly Income, you can select the proportion 25% / 75%, 50% / 50% and 75% / 25%.

Within Monthly Income, select level / increasing (@ 5% p.a. or @ 10% p.a.) Monthly Income and select to receive it in equal monthly instalments over 120 months or till the end of the Policy Term or 40 years, whichever is ahead.

Life Plus:

For the Part Lump Sum and Monthly Income, you can select the proportion 25% / 75%, 50% / 50% and 75% / 25%.

Within Monthly Income, select level / increasing (@ 5% p.a. or @ 10% p.a.) Monthly Income and select to receive it in equal monthly instalments over 120 months or till the end of the Policy Term or 40 years, whichever comes before.

Once you have personalized the plan based on your need, select other details like Sum Assured, Policy Term, Premium Payment Term, and Premium Payment Mode. Then, answer certain questions about yourself and provide other basic details.

POS - Easy Bima Plan

POS - Easy Bima Plan is a term insurance plan that provides a return of premium on the date of maturity. The advantage of choosing this plan is that it provides affordable and hassle-free protection to help you give financial security to your family's needs. Thus, a complete package to secure your family's future dreams with sufficient financial resources.

Benefits of POS - Easy Bima Plan

This plan provides various benefits as given below:

Death Benefit Payable (Other than accidental death)
In the case of death in the waiting term, which means 90 days from the date of commencement, you will be given a return of the total premiums paid. And in case of the waiting term that is after 90 days from the date of commencement, you will get 100 per cent of death benefits sum assured. However, on payment of death benefits, the policy will stand terminated, and no further benefits will be payable.
The death benefit payable (in case of accidental death)
The waiting period is not applicable in this case. In this, an accidental death benefit sum assured in addition to the death benefit sum assured will be given. After this, the policy will stand terminated, and no further benefits will be payable.

Also, the accidental death benefit sum assured is equal to the death benefit, and for more details, you may check the terms and policies under this plan.
Return of premium on date of maturity

In case of survival till maturity, the Return of the total premiums paid shall be payable, provided the policy is still in force.

Tax benefits

According to Section 80C of Income Tax Act, 1961, you can get tax benefit on the premium paid.

How does this plan work?

This plan is quite simple, and you can customise the policy according to your financial goals and requirements. There are two steps.

Step 1: Select your sum assured.

In this, you need to ensure that your financial needs are met and accordingly choose a death benefit sum assured. However, it has to be in Rs 50,000.

Step 2: Now, select your premium payment term and policy term.

There are various premium payment terms and policy terms offered (as described below), and you can choose according to your requirements.

Age criteria:

Entry age:

Minimum	18 years
Maximum	55 years

Maturity age:

Minimum	28 years
Maximum	65 years

Premium Payment and Policy Term

There are various options present to help you select the best term plan. You can choose according to your preferences and requirements.

Policy term - 10 years and 5 pay

Policy term - 15 years and 10 pay

Policy term - 20 years and 10 pay

Sum Assured

The minimum sum assured with this plan is Rs 50,000.

The maximum sum assured with this plan is Rs 15,00,000.

Annual Premium options

The minimum premium you can pay are as follows:

Policy Term of 10 year - 2,219

Policy Term of 15 year - 1,076

Policy Term of 20 year - 989

The maximum premium you can pay is as follows: there is no limit.

This depends on the chosen sum assured.

Premium Payment Mode And Modal Factors

It is available in annual as well as monthly mode. However, the annual premium needs to be multiplied with a factor of 0.10 to arrive at the monthly instalment premium payable.

The Bottom Line

Term insurance plans have become a necessity in today's world. They help provide you and your family with financial security to have a safe and secure future. Canara HSBC Life Insurance offers various term insurance plans that you can choose according to your preferences and requirements.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

image-box

Term Insurance Plan with Return of Premium - Pros and Cons

image-box

Top 4 Reasons you should not stop your term insurance cover at 65

Term Insurance - Top Selling Plans

Canara HSBC Life Insurance offers online term insurance plans to secure your family financially in your absence.

Family Shield: Enhanced Protection

iSelect Smart360 Term Plan

3 Plan options
Life cover till 99 years
Steady income benefit
Block your premium at inception

Start Young, Pay Less, Stay Secured

Young Term Plan

Life cover till 99 years
Coverage for spouse
Block your premium rate
Covers 40 critical illness

Family Shield: Enhanced Protection

Affordable prices
Multiple premium payment option
Get Tax benefits
Hassle-free purchase process

Recent Blogs

Can I Buy a Term Insurance For a Cancer Patient in India?

Term Insurance for Cancer Patients: While it is impossible to procure an insurance policy for an individual who has already been diagnosed with cancer. Read More!

What is the Smart Move to Buy Term Insurance Early or Later?

Discover why buying term insurance at a young age is a smart financial move. Compare costs, coverage, and approval ease to create a strategy for long-term security.

Term Insurance Policy Lapse & Reinstatement: What You Should Know

Learn what happens when your term insurance policy lapses and how you can reinstate it. Understand the process, timelines, and key conditions.

What Happens If You Modify Term Insurance Coverage Midway?

Learn how changing your term insurance coverage can impact your financial goals, premiums, and future protection. Smart tips for policyholders.

Why Was Your Term Insurance Premium Revised?

Often while accepting the term insurance proposals, the insurer has to revise the premium based on a few factors. Here’s what to do if it happens to you.

Popular Searches on Term Insurance