As compared to the traditional plan, TROP is much expensive in terms of premium. It is known as Term insurance with Return of Premium. There is also one more variant of term insurance that provides maturity benefit along with death benefit. The policy offers death benefit in the form of lumpsum sum assured, which is provided to the beneficiary if the policyholder has a sudden demise. This type of insurance is the most preferred policy as it is affordable and offers decent coverage. There are different types of life insurance policies available in the market based on various requirements: To avail the insurance benefits, the policyholder is liable to pay the premium amounts regularly and timely, as per the policies of the chosen plan. Life insurance promises specific financial compensation to the beneficiary in case of the demise of the insured person.
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