In an advertisement for a car, the buyer asks repeatedly: ‘How much does it give?’ referring to the car’s mileage. Returns are a top-of-the-mind concern even among insurance buyers, which is why several insurers today offer Term Return of Premium (TROP) plans. In the regular term plan, the customer gets nothing if he survives the policy term.
According to an official from Aegon Life Insurance, the demand for TROP comes from Tier-II and Tier-III cities. “These customers want life cover but also want returns. Since a traditional savings plan with a high sum assured will be very expensive, they prefer TROP," he says.
Good news for insurance agents! They can use this platform to track and receive commissions in real-time
Read More
