Return of Premium on Surrender (ROPS)

In the context of Life and Living Benefits Insurance, "Return of Premium on Surrender (ROPS)" is a feature that allows the policyholder to receive a refund of all or a portion of the premiums paid if they decide to surrender or cancel the policy before its maturity or end date. This benefit ensures that the policyholder recovers some of their investment in the policy if they choose to terminate it early.

Key aspects of Return of Premium on Surrender (ROPS) include:

• Premium Refund: Provides a refund of premiums upon policy surrender.
• Early Termination: Applicable when the policyholder cancels the policy before it matures.
• Policy Terms: The amount refunded and specific conditions depend on the policy's terms and conditions.

ROPS offers a financial safety net for policyholders who may need to cancel their insurance policy before its full term.