Return of Premiums
Adjustments that Make a Difference
New! 15-Year Return of Premiums (ROP 15) for Critical Illness
You’ve asked for it, here it is. The 15-year Return of premiums for critical illness, available upon cancellation or expiry.
ROP 15 allows you to recover 100% of the premiums paid, without interest, starting on the 15th policy anniversary. Moreover, a partial refund is available from the 5th anniversary, based on a new ROP schedule.
This ROP option is available for the T75 Basic, T75 Enhanced and T75 Child.
Less Restrictions, More Flexibility for ROP 20
Good news! The 55-year age eligibility requirement for the Return of premiums is removed from policies issued as of April 15. What's more, we've improved the ROP schedule by adding a partial refund starting on the 5th anniversary.
ROP 20 continues to be offered on the same products.
ROP 15 and ROP 20 Return Options - Three Return of premiums options are available: Return of premiums at expiry, Return of premiums on cancellation or at expiry and Return of premiums on Death.
- The client must choose between Return of premiums at expiry or Return of premiums on cancellation or at expiry.
- You can also combine this option with Return of premiums on death.
- Within the same contract, two policyholders with a critical illness product can choose different ROPs.
New Terms for the Annual Policy Fee Refund
Starting April 15, the annual policy fee refund will only apply in certain situations when requesting a Return of premiums (ROP).
Eligible for the annual policy fee refund at the time of the ROP request if
- The policy includes 1 insured person and 1 coverage
Not eligible for the annual policy fee refund at the time of the ROP request if - The policy includes 1 insured person and 2 or more coverages
- The policy includes 2 or more insured persons, with one or more coverages
Note that a single policy fee applies to all coverages, resulting in savings compared to separate policies.
