Learn Everything About Term Insurance Policy That Refunds You Premium

A Term Plan That Refunds You Premium? Learn More!
Among the several types of life insurance products available in the Indian financial landscape, a term insurance policy is the simplest and most self-intuitive option available. It’s essentially a pure life cover that solely focuses on sustaining your family’s finances in the event of your demise.
In comparison to traditional whole life policies, term plans offer higher coverage at very nominal premium rates and offer several exclusive advantages. Yet, people often hesitate to invest in these plans just because there’s no maturity benefit involved in it.
A term plan that refund you premium
A term plan that refund you premium
You may think that your entire capital will go in vain just in case you survive past the policy tenure, which is a viable excuse to not invest in a term plan – but not anymore. There’s something that can help you get past this fear for real.
Introducing term plans with return of premium – a standard term insurance policy, but with a twist. Apart from the death benefit, these term plan variants return all your premiums paid in case you survive throughout the policy tenure.
This article aims to inform you about this unique variant and share instances when it can be extremely beneficial to you. Therefore, if you are looking to get a life cover, make sure you keep reading to make your decision more informed.
What Term Plan with Return of Premium Exactly Is?
Similar to a regular term plan, a TROP also covers you against the risk of death and provides a financial corpus to your family in the event of your unfortunate demise. In addition to this, if you survive throughout the policy tenure, it also provides you with a maturity benefit.
Here are some interesting things you should know about these plans:
The maturity benefit offered in these plans is the sum of the premiums you’ve paid throughout the policy tenure
There are no capital gains over the accumulated sum of money as no investment aspect is involved
In case you opted for a rider with your policy, the additional amount you’ve paid for it won’t be included in the maturity proceed
Now when you know about the fundamentals of term insurance policies with the return of premium option, you should consider understanding how these plans work to gain a more transparent vision for your financial plans.
How Does a Term Plan with Return of Premium Works?
Let’s understand the working principle of TROP with an example – assume that you’re purchasing a policy worth Rs. 40 Lakhs for a term of 10 years with an annual premium of Rs. 4000. In the event of your death, your family will get Rs. 40,00,000 as the assured sum.
On the other hand, if you survive throughout the quoted term, the insurance company is liable to return the complete premium amount you’ve paid, which in the case of this example is Rs. 40,000, provided that you’ve paid your premiums consistently throughout the tenure of ten years.
Moreover, as it is a non-participating plan, you won’t receive any kind of add-ons or bonuses in form of dividends. In simple terms, the insurer does not participate in the business of the insurance company in any way.
How is Term Plan with Return of Premium Beneficial for You?
A term plan with the return of premium features offers various additional benefits over standard variants. Let’s take a look at some of the most promising benefits these plans have to offer:
1. ROP Benefit
A lot of people shy away from purchasing a term plan because there’s no maturity value associated with it by default. However, a term insurance policy with a return of premium benefit helps you stay assured that your principal capital is safe no matter what. This makes it a lucrative option as you not only get a fairly larger coverage at very affordable rates but also get your money back in case you survive throughout the policy tenure.
2. Death Benefit
When you purchase life insurance of any kind, your main purpose is to provide for your family’s future in your absence. You look forward to creating a financial cushion for your family in the event of any unfortunate circumstances taking place. Fortunately, term plans with a return of premium option offer a comprehensive life cover for a defined timeline, which allows you to have peace of mind that your family is financially secure even in the event of your unfortunate demise.
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3. Tax Benefits
Term plans with a return of premium option also act as great tax-saving tools as they offer certain tax benefits. As per the prevailing laws of the Income Tax Act of India, you can enjoy tax savings under sections 80C and 10(10D) of the Act, which state that the premiums paid are tax-deductible with a limit of up to Rs. 1.5 Lakhs and the death benefit, as well as maturity proceeds, are exempted from taxation respectively.
4. Affordability
While term plans with return of premium option may be slightly more expensive than its standard iteration, the value you gain is more promising than the latter. Keeping the various benefits it offers in mind, a TROP certainly appears to be more affordable as compared to other life insurance variants that provide somewhat similar benefits, but at a higher price. Therefore, if you’re looking for comprehensive financial security for your family at nominal rates, these plans are your way to go.
Final Words
Term Life Insurance is one of the most important financial instruments that protect your family and loved ones from unforeseen eventualities. It is just a tool for financial protection to make sure that your family has a stable income after your death. Moreover, with the introduction of term plans with the return of premium option, you can get past the fear of losing your capital in case you survive throughout the policy tenure. Therefore, if you want to safeguard your family’s future at nominal rates, make sure you invest in these plans as soon as possible.

How Do I Accept Secured Payments As a Business Owner in 2022?

With over 2.14 billion people expected to shop online by the end of the year (2021), it’s a no-brainer that the world is ever closer to a cashless society, and you (business owner) should be part of the action.

This calls for you to move your business online and sell your products and services on your website.

Part of doing business online involves collecting the payments. Your customers want a secure, trustworthy and straightforward way to make the payments. On the other hand, you (business owner) want a system that is easy to integrate with your website and flexible for easy customization.

Are you wondering how do I accept payments on my website? There are plenty of ways to do it, with the common ones being:

Accept credit and debit cards
Given that an average American has four credit cards, most of your customers will pay using their cards, and you should be able to accept their payments. To start accepting payments on your site, you need to open a merchant account, a type of bank account that allows your store to accept online payments. When your customer purchases from your website, the merchant account holds the money temporarily, as they verify the payment.

Since the merchant account is a bank account, you simply need to connect it to your website, and you are good to go.

Use a payment gateway.
A payment gateway links your website to a checkout system such as MasterCard, Visa, and American Express. You can embed the checkout to your website so that everything happens on your website or redirect your customers to the payment gateway’s website to complete the transaction.

There are plenty of payment gateways you can use, with the popular ones being:

Stripe
PayPal
Stripe
Integrate mobile wallet payments
With 80% of online users using their phones to surf the web and make online purchases, you should make it easy for your customers to make payments from your website using mobile wallets.

A mobile wallet is an app that stores your bank card details on your phone. All you need to do is to embed the app on your website and, as your customers are checking out, give them an option to check out with the mobile app payments.

Some popular mobile wallets are: Alipay, Apple Pay, Google Pay, Samsung Pay, WeChat Pay, and many others.

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Use eChecks
eChecks are a type of EFT (electronic funds transfer). They work just like paper checks, where they deposit money from the customer’s account and into your business account via an ACH (Automated Clearing House) software.

All the customer needs to do is add their banking details into an online payment form on your website, and the ACH processes the payment.

Which is the best way to accept payments on your website?
There is no better way to do it-it all depends on your needs and the type of business you run. It’s up to you to research and find the ideal payment method that suits your business.

Beginner Guide on Precious Metals Ira And Why People Use Them

Finances are, without a doubt, a very important part of our lives. Without money, we can barely do anything. With it, we buy our groceries, medication, and pay up for our hobbies. With money, we deal with our rent, bills, and any form of insurances. A lot of people say that money doesn’t buy happiness, but it sure makes our lives much more comfortable.
Beginner Guide on Precious Metals IRA and Why People Use Them
Beginner Guide on Precious Metals IRA and Why People Use Them
A lot of people earn their money through working, including me. Working is heavily rooted in our society as the way we contribute our share of skills and capabilities for the sake of others while being rewarded for it. Others were born wealthy while others had the luck (or right decision-making skills) to engage in entrepreneurship or investments that are now making them financially stable.
Regardless of your position, it is true that, at some point in our lives, we will become unable to work as efficiently, or the money we were born with or managed to amass, will eventually end.
For that reason, a lot of people engage in a process known as saving, often for the sake of retiring and living a peaceful life in their senior ages. However, is saving always the right thing to do?
The Problem I Have with Saving
First of all, I believe that there’s nothing wrong with saving. It ensures that we are financially capable of dealing with undesirable situations in case they were to happen. It also allows us to fulfill specific goals in a set time frame, and overall, it is a very safe way of accumulating funds for retiring.
Of course, as long as it is done properly, saving can be a very positive thing to do. If you check out https://www.wikihow.com/Save-Money for example, you’ll notice that it can be a very hard thing to do if you are undisciplined or don’t know how to engage the process, so a lot of people fail at it.
With that being said, saving is definitely recommended for most people, especially for those with a substantial income that allows them to deal with their monthly expenses while also relocating a considerable amount of their income in a saving account.
However, it is not a very profitable way of amassing funds. Although most saving accounts out there provide very specific benefits that encourage people to save money, they are not as beneficial to investing. And for most people out there that can only relocate a small percentage of their income to increase their savings, it might take a lot of time and effort to reach a point in which retirement becomes feasible.
Why Investing is Recommended
Investing, although with risks, can generate an incredible amount of profit if done correctly, and it also protects your funds from devaluation, a very common phenomenon regardless of the currency we use and the age we live in.
The problem people have with investing is the risk factor that can make them lose money. This risk factor often differs based on the type of asset you are managing, so different types of goods have different types of risks.
Despite that, once you understand the market you decide to approach and acknowledge the necessary aspects for a bountiful investing journey, the likelihood of you generating much more money than you would if you instead saved it, will increase considerably.
Precious Metals and IRAs
For that reason, a solid amount of people are adventuring in the world of precious metals and IRAs. IRAs stand for Individual Retirement Accounts, which are specific accounts that are made for the sake of saving/investing for retirement for old age, which is the age that we are more likely to stop working.
Now, there are specific accounts that work with precious metals such as gold, silver, and platinum. They not only protect these goods in the best way possible but also, allow you to engage in specific investing practices that can earn you profit over time.
Why Invest in Precious Metals
The reason why it is recommended to invest in precious metals is not only because metals are much more resistant to devaluation, but because their prices often fluctuate in a way that lets people earn (or lose) money over time.
If you make the right decisions, however, it is very likely for you to earn profit over time, and this certainly becomes even more possible in the long-term run. For that reason, when it comes to retirement, they are far better than any currency.
The thing about investing in precious metals is that each one has its own behavior inside of the market, making it almost impossible to succeed if you don’t understand the value of the specific metal you want to invest in.
Beginner Guide on Precious Metals IRA and Why People Use Them
Beginner Guide on Precious Metals IRA and Why People Use Them
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If you check this guide over here, you’ll get a more solid idea of what I’m talking about. Ideally, you should prepare yourself for the adventure, learn the basics, go for small investments so you accumulate experience, and do research based on your level of expertise until you feel prepared to engage in investments in a more personal way.
On the other hand, you can always save on precious metals, and purchase them when they are low in price. They are perfectly reasonable forms of currency that you can place in a metal IRA for a very long time until you are prepared to exchange it for an actual currency, and if you decide to do it, you won’t have to worry about checking market prices or relocating your assets to earn a profit.
Each method is definitely feasible to create a retirement plan. One requires more time and effort from you but will generate more profit, while the other one doesn’t, and can still be considered a very reasonable way of preparing for retirement.