Term insurance with a return of premium (TROP) plan has two coverages: a benefit to your family if you pass away during the policy term and the return of premiums paid if you outlive the term. While this is straightforward, many policyholders and beneficiaries have no idea how to claim TROP insurance benefits, especially the process for death claims. A clear understanding of the claim process is vital for effectively utilising the benefits of a Term Insurance with Return of Premium (TROP) policy. This comprehensive article simplifies the claim-filing process, outlines required claim documentation, explains the payout procedure, and ensures a smooth benefit settlement.
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TROP Insurance Claim Process
Term insurance with return of premium (TROP) is a type of term insurance that pays back all the premiums the policyholder has paid if they outlive the policy term. It's best suited for individuals looking for life coverage and the assurance of getting their money back in case of no claim. TROP thus combines the advantages of a term insurance and a money-back policy.
Before knowing how to claim TROP insurance benefits, let’s understand what kinds of claims one can make under TROP. These are:
A death claim applies when the policyholder passes away during the policy duration. Upon intimation of death, the insurance company shall pay the sum assured to the nominee listed in the policy.
If the policyholder survives the entire term, the claim is referred to as a maturity claim. At the end of the policy duration, the insurance company will pay the total premium fund.
Below is a step-by-step outline of the claim filing process (death and maturity claims).
In case the policyholder passes away while the policy is active, the nominee or legal heir must immediately start filing a claim.
The first step is to contact the insurer and inform them of the policyholder’s passing at the earliest possible time, either in person or through online mode, distribution channel, authorised call centre of the insurer and any other mode as may be specified in the policy document.
Complete documents required for the claim process are essential to avoid delay. The following documents are generally required:
Claim form and other documents, such as death certificate, First Information Report (in case of claim due to accident), Post Mortem Report (in case of claim due to accident), Discharge summary (in case of death at the hospital), as applicable.
The first step for the insurer is to verify all documents.
After verification, the claim will proceed to benefit settlement.
The insurer will pay the sum assured to the nominee’s bank account.
When the above steps are completed, the insurer will usually process the claims.
If the policyholder is alive at the end of the term, they are entitled to receive the total premiums paid.
The policyholder will have to fill out a maturity claim form and submit it along with:
The benefit settlement stage involves calculating total premiums paid and verifying that premiums were paid up to the due date.
Claim intimation received by the insurers shall be processed and settled within the timelines specified as under:
To facilitate a smooth and timely claim settlement under a Term Insurance with Return of Premium (TROP) plan, consider the following best practices:
Inform the insurance company immediately after the claim event to prevent unnecessary delays.
Submit all required documents with correct details. Incomplete or incorrect paperwork is one of the leading causes of claim rejections or delays.
Familiarise yourself with the policy’s terms and conditions, especially the exclusions and any specific claim-related clauses.
Use the insurer’s official website or mobile app to monitor the status of your claim in real time and ensure prompt follow-up if required.
Term insurance with return of premium (TROP) offers financial protection to your family while offering a unique benefit. That is, the return of your premiums, in case life takes an unexpected turn and you don’t make a claim. A TROP option is ideal for those looking for life insurance but wanting a full refund of premiums paid. It also offers various tax benefits.
Here’s why you should consider a TROP plan:
Knowing how to claim TROP insurance benefits ensures that you or your nominee won’t face any roadblocks during crucial times. Whether it’s a death claim or a maturity benefit, timely intimation, proper claim documentation, and understanding the claim filing process are essential for successful benefit settlement.
Also, if you're yet to buy one, consider the best term insurance plan with return of premium tailored to your life goals and risk profile.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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