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Pure Term Insurance Vs Return of Premium Vs Permanent Life Insurance
The domain of insurance industry in India is vast and comes with a lot of coverage options. Various insurance providers offer varied plans with multiple benefits that are aimed at covering the different needs and requirements of prospective clients. When it comes to the broad classification of various insurance plans, there are three general categories of the life insurance schemes. These are pure term insurance plans, plans that come with return of premium option (i.e. ROP plans) and whole life insurance plans. These three plans are different in their formats and offer different types of coverage benefits. Following are the important pointers that will enable you to have a clear idea about the main features and differences between these three types of plans:
- A pure term insurance plan is the one that offers the coverage for a set and pre-decided number of years that can range from anywhere between 10 years to 30 years. It is a plan that entitles the policy holder's nominee(s) to receive the main plan benefit i.e. the sum assured in the event of the policy holder's demise during the policy term. There are no maturity proceeds however, which means that the policy holder is not entitled to receive any benefit if she/he survives the plan term. A return of premium plan, on the other hand comes with the clause that enables the policy holder to receive the premiums paid by her/him towards the policy, once the term of the policy has matured. The premiums in such plans are higher those for a pure term insurance plan. This feature comes in addition to the standard death benefit offered by the insurance provider. A pure life insurance plan is the one that offers the benefit of receiving the sum assured in the event of the policy holder's demise during the term of the plan (which is for a lifetime). Hence, as the name implies, a whole life insurance plan offers complete insurance coverage to a person for an entire lifetime.
- The next point of difference between these three types of plans is the cash value that they offer. A pure term insurance plan offers no monetary cash value and is a simple insurance plan that offers only the death benefit to the policy holder. A return of premium plan does entitle the policy holder to maturity proceeds but does not have any component for liquid cash. A whole life insurance plan, however, has a monetary deposit component and offers the benefit of cash-deposit on the paid premiums.
- The major benefit of a pure term insurance plan is that it is the most economical form of insurance available. A return of premium plan, on the other hand is costlier than a pure term insurance. However, the accrued benefit after policy maturity is the benefit that it offers. In case of whole life insurance plan, the advantage is the stability and the fixed rate of premiums added with the coverage for a lifetime.
HDFC Life offers various term insurance plans that are meant for your financial coverage and at safeguarding the future of your loved ones. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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