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Buy zero-cost term plan if you are keen on a return, say experts

If not, stick to a plain-vanilla plan and invest the surplus in mutual funds

Topics
Personal Finance  | Financial planning

Sanjay Kumar Singh 



Insurance plan, Term Insurance plan
Some customers buy a term plan with a longer tenure (even though they are more expensive) for estate planning.

Two types of term plans have been available in the market so far. One is the plain-vanilla plan where if a person dies during the policy term, his nominee gets the sum assured. If he survives, he gets nothing. The second is the return-of-premium (RoP) term plan. The essential difference between these plans is that in the latter, if the insured survives the policy term, he gets back all the premiums he has paid. RoP plans are about twice as expensive as pure term plans.

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First Published: Wed, August 17 2022. 00:03 IST

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