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HDFC Term Insurance with Return of Premium 

Term life insurance is the most common type of life insurance plan customers prefer because of its attractive features. The complete financial coveragethat the plan offers provides you with a sense of security for your family in the event of your untimely demise. HDFC Life is an insurance provider which offers several term insurance plans fulfilling varying requirements of its customers. The HDFC Life Click 2 Protect 3D Plus term plan is a term life insurance plan which comes along with several benefits. 

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What is a Term Plan with Return of Premium Option?

Term plans with the return of premium options are also known as TROP. Return of premium is a term plan option in which the policyholder receives the total paid premiums back upon surviving the policy term. 

For instance, you bought a HDFC ROP plan for 10 years (term) and paid Rs 30,000 as a total premium for its term. Upon surviving these 10 years, you are eligible for receiving maturity benefits. It means you will receive Rs 30,000 back in your bank account that you can later use for any purpose.

Insurance companies always advise you to be informed about your future finances before purchasing a term life insurance plan. The working of a term plan is crucial to understand if you are looking forward to receiving financial security and saving money on the side. The return of premium option is a way to ensure that you would receive financial support during and after the policy ends.

Note: Now that you know that what is Term Plan with Return of Premium Option you should also know about what is term insurance before buying any term plan for your loved ones.

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HDFC Term Insurance with Return of Premium (ROP Option) – Know the Pros and Cons 

HDFC Life is an insurance-providing company that offers the HDFC Life Click 2 Protect 3D Plus plan, which is a term insurance plan. The plan provides all the benefits that a regular term plan has with the bonus of returning the premiums.

The policy defines that HDFC Life would return your entire paid premium if you survive till the end of the policy term. This is an added advantage on the already beneficial term insurance plan, which grants lump sum death benefit to the nominee if the policyholder dies during the policy term. 

If you are a healthy person with a clean medical history, the HDFC term insurance with return of premium option is an ideal choice for you. Without any life-threatening habit such as smoking or heavy drinking, you are less likely to die during a policy term. This policy can be seen as additionally advantageous because along with the life cover such as traditional term plan, HDFC ROP plans also provide additional guaranteed benefits at the maturity time. However, this increases the plan rates and the payable premium also increases.

It gives you a chance to reap benefits at the time of maturity of the policy in the form of premiums being returned to you by HDFC Life. You would become eligible for the return of the premium option if you live through the entire term of the policy. So before choosing for HDFC ROP option or HDFC ROP plans, there are certain points that you should take into consideration. Read on to know more about HDFC ROP plans features and benefits in detail: 

Features of HDFC Term Insurance with Return of Premium (HDFC ROP Plans)

The HDFC Life term plan with the return of premium option works to provide the policyholder maximum benefits. Following are some salient features of the policy:

  • The HDFC term insurance with return of premium option offers an additional benefit of a guaranteed payment of premium at the time of policy maturity.

  • The maximum maturity age of the policy is 100 years.

  • The main feature of the policy is its spherical advantage to the policyholder as well the insurer.

  • The policy is extremely affordable and easy to avail of, thereby upholding the convenience of the customers.

  • Premium payment options are also available for the customers to choose from.

  • Premium rates for HDFC term plans with return of premium option are generally higher. This is due to the added benefits provided at the time of policy maturity.

  • The policyholder has to opt for the return of premium option at the time of inception of the term insurance policy.

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

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Benefits of HDFC Term Insurance with Return of Premium

It is important to know the benefits of a term insurance plan before making your purchase. It helps you to make a wise decision for investing your money.

The HDFC term plan with return of premium option poses the following benefits:

  • The policy offers more benefits at the time of maturity in the form of bonuses and additional coverage factors.

  • Apart from the return of paid premium, the policyholder receives tax benefits under Section 80C as per the guidelines of the Income Tax Act, 1961.

  • The policy provides the standard maturity benefits of a term plan in which the nominee receives the full sum assured in case the policyholder dies during the policy term.

  • The policy also offers several rider benefits on top of the base plan. This provides an additional cover for the policyholder.

  • If you are unwilling to continue with your term plan and want to discontinue in the middle of the term, HDFC ROP option would grant you the entire premium you paid to date.

  • The policy offers a paid-up option for policyholders who do not have a fixed source of income. This is beneficial when the policyholder fails to pay the premium. The policy continues the financial cover for a significantly lower sum assured. 

Who Can Buy the HDFC Term Plan with Return of Premium?

HDFC Life offers services that are designed to provide maximum benefits to its customers. The HDFC term plan with the return of premium (HDFC ROP option) is meant for the following:

  • Unmarried people: If you are single and responsible for your parent’s care, you must go for this policy. This would provide them with financial security in case of your untimely demise. Also, it offers a guaranteed payout at maturity.

  • People who are married without children: Even if you do not have children to care for, you are responsible for your spouse’s protection. In case something happens to you, your spouse will be well protected by this plan. This policy would give an added cushion to your term plan and provide you with peace of mind to live a good life together.

  • People who are married with children: Having children means that you have to go above and beyond for your security. So if you are married and have children, the return of the premium option could be extremely beneficial for you. It is because if some mishap happens, your children will be financially protected by the plan.

However, before availing for HDFC Term Insurance with Return of Premium, it must be kept in mind that the premiums payable is quite heavy as compared to the traditional insurance plans. In the HDFC ROP option, the accumulated benefits are in proportion to the premium payable. So, while selecting a plan, a thorough online comparison of the different plan options must always be done and the insurer must be selected after checking the Claim Settlement Ratio (CSR). This helps you in making an informed decision that fulfills the specific requirements of your family members.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

FAQs

  • What are the tax benefits attached to the HDFC term insurance plan with return of premium?

    Ans: By availing of the HDFC term insurance with the return of premium option, you would be eligible to receive tax deductions under Sections 80C and 10(10D) for payment of insurance premium as per the Income Tax Act, 1961. Benefits up to Rs.1.5 lacs can be availed under this provision.
  • What are the exclusions and inclusions under the return of premium option for term insurance?

    Ans: The HDFC term insurance with return of premium option does not include accidental death and critical illness under its financial coverage. However, the policy would include death, terminal illness, accidental total permanent disability, and maturity benefits.
  • Does the HDFC Life Click 2 Protect 3D Plus policy come with any other option other than the return of premium?

    Ans: Yes, the HDFC Life Click 2 Protect 3D Plus policy comes with other options like life option, income option, and income replacement option.
  • What is the process of buying HDFC Term Insurance with Return of Premium option?

    Ans: Following are the steps to be adhered to for availing of HDFC ROP plan:
    • The first step is to customize your plan, deciding upon the sum assured, and policy term.
    • The next task would be to generate a premium quote. This would be done by submitting documents relating to your age, gender, health conditions, etc.
    • The next step is to provide all the other details required by HDFC Life. You also need to mention your nominees.
    • Lastly, HDFC Life would carefully analyze your details and grant you the policy.
  • How do I apply for HDFC Life plans which are not available online?

    Ans: There are certain plans by HDFC Life that are not available to apply online. If you want to avail of those plans, you can do so through our intermediaries. Some of our intermediaries are our agents, brokers, banks, etc.

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