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Term Insurance with Return of Premium (TROP)

There are different types of term insurance plans. A term plan with a return of premium is one such plan which is different from other plans as it has a maturity benefit. Let’s understand what the plan is about.

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Written ByShruti Gujarathi
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Shruti Gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.
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Reviewed ByRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 2nd December 2024
Modified on: 17th January 2025
Reading Time: 20 Mins
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What is a Term Plan with a Return of Premium (TROP)?

A term plan with a return of premium, also called TROP, is a term plan which offers a maturity benefit. It works as a normal term plan with just an addition of maturity benefit. Under TROP, if the life insured passes away during the policy tenure, the death benefit is paid.
On the other hand, if the insured survives the policy tenure and the policy matures, the premiums paid over the policy tenure are refunded, subject to the terms & conditions of the policy, hence the name1.  

How does a Term Plan with a Return of Premium work?

Under a term plan with a return of premium, you choose the following details –

  • The sum assured
  • Policy tenure
  • Premium payment term
  • Premium paying frequency
  • Riders (if any)
  • Any other optional features that are available and you want to choose

Depending on these factors, your age and other risk parameters, the premium is calculated. You pay the premium over the chosen premium payment term and in the chosen frequency. If the life insured passes away during the policy tenure, the death benefit is paid. On the other hand, if the plan matures and the insured is alive, the premiums paid are refunded.

Let’s take an example.

Ravi, aged 30 years, buys the Bajaj Allianz Life Smart Protection Goal Plan* and chooses the return of premium option. The plan details are as follows –

Term

Details

Sum assured

₹50 lakhs

Policy term

25 years

Premium payment term

25 years

Premium payment frequency

Annual

Optional riders or other benefits

Nil

1st Year Premium payable

₹5,847 plus taxes

Instance 1 – Ravi passes away after 10 years.

Solution – His nominee receives a death benefit of ₹50 lakhs and the plan is terminated.

Instance 2 – Ravi survives the policy tenure of 25 years

Solution – The plan refunds his premium and he receives a maturity benefit of ₹1,55,151 on maturity.

Why Choose a Term Plan with Return of Premium Option?

Here are some reasons which make the term plan with return of premium a good option –

Parents

Life insurance coverage6

A term plan with a return of premium offers financial security in the face of a premature demise. It allows you to choose a high sum assured so that your family receives adequate financial support in your absence. The death benefit offered by the plan can help your family in meeting their lifestyle expenses and also their financial goals. This offers peace of mind to you and your family that their financial needs will be taken care of.

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Maturity benefit6

The maturity benefit paid by the return of the premium plan may make it a win-win combination. While the insurance coverage provides financial security during the tenure, the refund of premiums pays back the money you paid for the coverage on maturity.

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Tax benefits

Like other life insurance plans, you get tax benefits too. The premiums paid for the policy qualify as a deduction under Section 80C up to ₹1.5 lakhs under old tax regime, subject to specific terms and conditions3. The death benefit received is completely tax-free4. The maturity benefit received also enjoys tax exemption under Section 10(10D) subject to certain terms and conditions4.

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Peace of mind

Knowing that your family is financially secure in your absence gives you peace of mind. You don’t have to worry about unforeseen eventualities which might cause your family a financial strain.

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Tax Payers

Fulfilment of financial goals6

With the death or maturity benefit received, you or your family can fulfil their relevant financial goals like children’s education, marriage, debt repayment, buying a home or a car or even retirement planning.

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Who Can Buy Term Plan with Return of Premium (TROP)?

Individuals looking to secure financial security for their family in their absence and who also want a maturity benefit can opt for the term plan with the return of premium option. However, you should fulfil the eligibility criteria specified by the insurance company to get the coverage. 

Term Insurance Plans by Bajaj Allianz Life

What are the features of a Term Plan with a Return of Premium?

Some of the features of the term plan with return of premium are as follows –

  1. The plan covers the risk of premature demise during the policy tenure
  2. The premiums are refunded on maturity
  3.  You can choose a coverage level that aligns with your coverage needs
  4. The premiums are affordable. Moreover, many plans offer you the choice of regular, limited or single premium. Different premium payment frequencies are also allowed like annual, half-yearly, quarterly and monthly.
  5. Many plans offer optional riders to enhance the scope of protection.

Return of Premium Option with Limited Pay

You can choose the return of premium option with your basic term insurance plan, if the option is available, by paying an additional premium. This option ensures a maturity benefit if the plan matures. Moreover, if you choose the limited pay option, you pay premiums for a limited period while the coverage lasts longer.

For instance, if you choose a limited pay of 20 years in a policy whose term is 30 years, you pay premiums for 20 years while the coverage continues till 30 years.

What is the difference between Term Insurance and Term Insurance with Return of Premium?

The difference between term plans and term plans with return of premium can be assessed from the following table–

Term plan

Term plan with return of premium

Only death benefit is paid under term plans. If the plan matures, no benefit is paid2

If the insured passes away during the policy tenure, the death benefit is paid. On the other hand, if the insured survives the tenure, the total premiums paid are refunded as a maturity benefit2.

The premium is low2

The premium might be a little higher compared to pure term plans1

If you discontinue premium payments, the plan will not acquire any paid-up value. 6

If you stop paying premiums, you don’t lose the plan benefits. The plan benefits are reduced if at least 2 years’ full premiums have been paid6. You can continue the coverage at the reduced value which is called the paid-up value 6.

There’s no surrender value under the plan6

You can also exit the coverage and get a surrender value if you have paid at least 2 full years’ premium 6

 

How to choose the best Term Insurance with Return of Premium?

To choose the best term insurance with a return of premium, here are some points that you can consider –

Parents

1. Coverage offered

Check the coverage offered. Usually, most plans offer similar coverage but there might be value-added benefits like inbuilt riders or optional coverage features. Choose a plan which offers a comprehensive scope of protection which you need.

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2. Premium amount

Compare the premium amounts across different plans vis-à-vis the coverage offered. Choose a plan offering the most inclusive coverage at the most competitive premium rate.

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3. Rider benefits

Look for the optional riders offered and their premium. Choose a plan that offers the riders that you need and that too at affordable premium rates.

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4. Available discounts

Insurers might offer premium discounts on term plans with return of premium option to lower the premium outgo. Look for these discounts and choose a plan offering the maximum possible discount for the most savings.

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Tax Payers

5. Claim Settlement Ratio

Check the Claim Settlement Ratio of the insurance company. A high ratio is recommended since it depicts that the insurer settled most of the claims made by the customers and fosters trust in the company.

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Documents Required To Buy Term Insurance

When you buy a term life policy, you are required to submit a set of documents. These include-

Proof of Address Proof of Address

Proposal form

photographs

Proof of address

Proof of age

Proof of income

Medical report

Any other document

filled and signed by the proposer

Recent colored photographs

Aadhaar card, voter’s ID card, passport, driving license, recent utility bills, Property Deed, Registered Rent Agreement, etc.

birth certificate, Aadhaar card, Voter’s Identity card, PAN card, Passport, School certificate, Driving License, etc.

salary slip, form 16, financial statements of the business, bank statement, etc.

Medical examination report (if applicable)

Any other document required by the insurance company

How much Term Insurance with Return of Premium cover do I need?

The choice of coverage depends on different factors. Some of these factors are as follows5–

  • Age

    When you are young, you might have limited financial responsibilities. However, the responsibilities increase as you grow older. As such, choosing a higher sum assured is better to take care of future needs.

    For instance, if you are 30 years old and will retire at 65, you can work for 35 years. If your annual income is ₹10 lakhs, your family will lose ₹3.5 crore on your premature demise. Thus, you need a coverage of ₹3.5 crores. On the other hand, if you are 40 years old and have 25 more working years, the loss would reduce to ₹2.5 crore (25 years X ₹10 lakhs). Thus, at an older age, the coverage required would be ₹2.5 crore. 

  • Number of dependents

    The number of financial dependents also affects the coverage need. If you have many of dependents, you would need a higher coverage to take care of multiple responsibilities that you might have.

  • Basic lifestyle needs

    Your coverage also depends on your lifestyle expenses also determine the coverage amount. If your lifestyle expenses are high, you need a high sum assured to meet them. The same holds true if you have limited expenses.

  • Inflation rate

    Inflation is the rise in the price of goods and services. As inflation rises, so do your financial needs. That is why, your coverage should be optimal to take care of the expenses which might increase due to inflation.

  • Goals
    Your financial goals would also affect your coverage requirement. The more goals that you have the higher the financial corpus that you would need and vice versa.
  • Existing assets and liabilities

    The existing investments and debts that you have determine your coverage needs. If you have existing assets or investments, your coverage requirement would be lower. On the other hand, if you have liabilities, your coverage would be higher so that the liabilities can be met.

How to buy a Term Plan with Return of Premium online?

You can buy a term plan with a return of premium online in some simple steps. These steps are as follows –

  1. Visit Term Insurance with Return of Premium Page available on the website of Insurance company
  2. Enter the required details like name, age, location and contact information
  3. Enter your education details, smoking habits, occupation and annual income as may be required
  4. Enter the coverage amount, policy term and premium payment term basis your choice and suitability
  5. Choose the return of premium option
  6. Choose optional riders, if required
  7. If there’s a requirement for a medical check-up, complete the checkup formalities
  8. Pay the premium and the proposal would be submitted

The insurance company would then underwrite the proposal form and issue the policy, if everything is found satisfactory. 

Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Life Insurers, is committed to offering value-packed and innovative products to help you achieve your Life Goals.

99.23%

Claim Settlement Ratio~

Claim Settlement Ratio
1 Day

Get 1 Day Claim Approval%

One Day Claim Approval
AAA

Stable Rating by CARE$$

CARE Stable Rating
₹1,20,994 Cr

Assets Under Management (AUM)**

Assets Under Management (AUM)
4.19 Cr

Number of Lives Covered#

Number of Lives Covered
432%

Solvency Ratio of 432%^^^

Solvency Ratio
Claim Settlement Ratio 2023-24

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2023-2024 | %96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices | $$For details refer to press release published by CARE | **All figures as on 31 January, 2025 | ^^^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150% | #Individual and group, as on 31 March, 2024.

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At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

Disclaimers:
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Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

~Individual death claim settlement ratio FY- 2023-2024

%99.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices.

^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150%

$For details refer to press release published by CARE

**All figures as on 31 January, 2025

#Individual & Group

bTax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

a Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions

d 5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium, 5% Discount for salaried customers, applicable only on first year’s premium, 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency, applicable only on first year’s premium.

e Above illustration is for Bajaj Allianz Life Smart Protection Goal - A Non Linked, Non Participating, Individual Life Insurance Term Plan (UIN: 116N174V03) considering Male aged 25 years | Non-Smoker | Standard Life | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Total Sum Assured opted is Rs. 1,00,00,000 | Total Premium - Rs. 2,08,143 (1st Year Premium is Rs- 6535/- and 2nd Year onwards Rs -6952/- )| Online Channel | This is exclusive of discount for salaried customers and for customer's first individual life insurance policy | medical rates | Yearly Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

f Product feature/benefit mentioned above are dependent on optional benefit, if selected.

g HSAR – High Sum Assured Rebate is subject to policy terms and conditions

h Premium rate applicable to female life will be based on the premium rate of 3 years younger male

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N172V04) considering Male aged 24 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,051. 2nd Year onwards premium Rs. 6,460. Total Premium Paid is Rs. 1,93,391 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 45, Income Payout Percentage:55) | Premium shown above is inclusive of Online Discount only and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

##Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

**5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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*Premium increase applicable only for certain policy term, premium payment term and sum assured combinations.

#The Premium prices listed above are the lowest available across all online channels/ platforms for the purchase of this specific version of the product. These rates are subject to input parameters& as required for policy issuance remaining consistent during comparison. No Staff/Partner discount&& can be availed with this product. If a lower premium rate is found elsewhere, under the same conditions mentioned above, the policyholder may choose to cancel their policy and receive a full refund of premium paid.

&& Staff includes directors and employees of Bajaj Finserv Group & their spouse, children, and dependent parents. Partner includes employees and agents of intermediaries and their family members.

&Input parameters include age, medical details, qualifications, occupation, income and other factors required for policy issuance.

35% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

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Disclaimer

*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

##Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

**5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


© Copyright 2023. Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
IRDAI Public Notice on Spurious calls
Fraud Prevention Tips
Fraud Awareness Booklet
Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 9001:2015 and ISO 27001:2013 Certified IT Department
Contact Us

Sales: 1800-209-4040 (Toll Free) | Service: 1800-209-7272 (Toll free)

Email: customercare@bajajallianz.co.in

Registered Office Address

Bajaj Allianz House, Airport Road, 

Yerwada, Pune, Maharashtra - 411006

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© Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 9001:2015 and ISO 27001:2013 Certified IT Department

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo.

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

1©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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