A life insurer is expanding its line of protection products.

AXA Equitable Life Insurance Company, New York, a unit of AXA S.A., Paris, has introduced the Return of Premium Term life insurance policy.

Policyholders can keep premiums level for terms of 20, 25 or 30 years.

If the policyholder outlives the level-premium period and the policy is still in force, AXA Equitable will pay the holder a refund of “100% of the eligible cumulative premiums paid,” the company says.

Under current tax rules, the cash refund would be free of federal income taxes, AXA Equitable says.

A 35-year-old female, preferred, non-tobacco user would pay $1,455 per year in premiums for a $1 million ROP Term policy with a 30-year term, AXA Equitable says.

A traditional term policy would cost $895.

The hypothetical customer would have to earn 5.6% after tax on the $560 price difference each year to end up with the same amount of cash at the level-term period, AXA Equitable says.

The policy comes with a built-in feature that permits holders to convert to permanent insurance without providing evidence of insurability.

Optional riders include a disability premium waiver and a children’s term insurance rider.

AXA Equitable is responsible for backing the product guarantees.