MONEY BACK PLANS

This plan is different from other insurance plans because in other plans an insurer receives a payout after maturity but in this plan, the payout is paid to the insurer after a few years of this plan getting in force which term is referred to as ‘Survival Benefit’..

Money back policy is a combination of insurance and investment plan and is considered to be one of the most popular insurance plans in India. It acts as a shield against death and major illness for the policyholder's family and also for the insurer. The money-back policy is feasible for those individuals who are looking for a guaranteed return on their investment and who want a regular payout and also the benefit of insurance. This plan is different from other insurance plans because in other plans an insurer receives a payout after maturity but in this plan, the payout is paid to the insurer after a few years of this plan getting in force which term is referred to as ‘Survival Benefit’. This benefit is a reward from the insurance company and is valid to the insurer as long as he or she is surviving along with entitlement to the maturity benefit.

F.A.Q

WHAT ARE THE FEATURES OF MONEY-BACK PLANS?

• Assured Return • Providing the entire policy amount at maturity. • Survival Benefit. • Compensation on demise. • Provision of a rider and bonus.
WHAT ARE THE ADVANTAGES OF MONEY-BACK PLANS?

This is the sole policy that provides 3 vital benefits Survival benefit, Maturation benefit, and Insurance provision. • Periodic Payouts till the policy tenure. • Benefit in Tax exemption. • The risk factor is minimal. • Provides dual benefits. • The dual benefit of periodic income and long-term savings. • Availability of various riders to choose from the policy.
WHAT ARE THE RIDERS PROVIDED UNDER MONEY BACK PLAN?

• Term Rider • Critical Illness Rider • Handicapped and Disable Benefit Rider • Waiver of Premium Rider • Quick Sum Assured Rider
WHAT IS THE PREMIUM PAYING FREQUENCY UNDER THIS PLAN?

This policy also ensures tax benefit of the sum assured if the maturity amount is 5 times the premium amount paid during the maturity of the term.
WHAT WILL HAPPEN IF A POLICYHOLDER FAILS TO PAY THE PREMIUM ON TIME?

If a policyholder fails to pay a premium on time then he/ she will get a grace period and after the grace period the policy will lapse but if the insurer has a Waiver which is a premium rider then he/she could be safe from the policy getting lapsed.
IS A MONEY-BACK PLAN A RISKY POLICY?

It is to be notified that every insurance policy comes with a risk factor but this policy is less risky compared to other plans and ripe good returns in a long run.
WHAT IS TO DEDUCE BEFORE BUYING A MONEY BACK PLAN?

A Money Back Plan is an intelligent policy to buy because it is the amalgamation of Investment and Insurance and it is feasible for those people who want to shield themselves and their family from financial crunch and is looking for regular returns on investment. This policy is less risky in comparison to other plans and ensures a guaranteed return on the maturity of the policy term. This policy also has a ‘Survival Benefit’ which means the insurer will get a bonus if he/she survives the policy term.