A ‘Term Return of Premium’ plan (TROP) is ideal for individuals looking for both life coverage and return on the premiums paid. However, these plans cost twice that of pure term plans because of the maturity benefit. Experts say TROPs are suitable for those who are not sure of their retirement age or dependency of family members on their income at an older age. In a regular term plan, the individual does not get any maturity benefit if he survives the policy period.
India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report
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