Interviews Do return of premium plans score over term plans?

Do return of premium plans score over term plans?

Source: Mint Apr 18, 2017

Bharti AXA Life Insurance Co. Ltd has introduced return of premium term insurance plan called Income Protection Plan. In it, on the death of a policyholder, it pays the sum assured in periodic instalments to the nominee and if the policyholder survives the term, it pays up to 120% of all the premiums paid. Here are more details of the plan.

Return of premium term plan

A term insurance policy is a plain vanilla product, which only charges you for insuring your life. This means, you only pay for the cost of insurance. So, if you survive the policy term, you don’t get anything back. And on death of the policyholder during the policy term, the beneficiary gets the sum assured, or the insurance money, and the policy terminates.

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