Please Wait...!

We are processing your request..

Please Wait...!

We are processing your request..

Money Back Policy

What are the unique features of the Money Back Policy and why should one buy this?

Financial Crises are unpredictable and can encounter anyone at any point in time. In such a situation one looks for a financial support through various options. One can need the funds to overcome this financial crisis and the traditional life insurance policy fall short to help as the possibility is quite low to get the funds through this traditional means before the end of tenure. One can think of loan as an alternate option but it might be limited when it comes to the amount of the loan.

The question that strikes our mind is that what must be done? Is there any plan that can help us by paying the lump sum benefits during the tenure of the policy?

Yes, the Money Back Policy is the ideal answer to the question. It solves the problem of liquidity during the tenure of the plan by paying a percentage of the sum assured regularly through the plan tenure.

Unique Features of Money Back Policy

Income on the maturity of the plan

Money Back Plans are best-known for a person who is looking for safe and secure options. Anyone would readily opt for this plan as it covers your life and at the same time provides definite returns and sum assured in case of death of the policyholder. Therefore, money back plans have an edge over other mutual funds option available in the market since Mutual funds end up spending owing to its easy withdrawal options. Moreover, it the finest options for millennial to be financially equipped who believe more in spending than in saving.

Income during the death of the insured person

The nominee of the policy gets the sum assured and bonus in case of death of the insured person. The money back policy acts like a standard life insurance plan which takes care of your family and their future when you are not around them. It also ensures that the nominee of the policy definitely receives the money.

Increased payout due to bonus amounts

The money back policy is a part of the insurer’s profits through bonus which is declared as a % of the Sum Assured by the insurance company every year and gets accrued. On the maturity of the policy, the accrued amount is added to the overall payment receivable.

Add on riders available for the insured to increase the cover

Almost all the insurers offer add-on riders to enhance the coverage of your policy. Riders like the personal accident, term rider or critical illness are often suggested.

Moreover, it is highly recommended to compare and research your money back plan before you invest in one. An ideal plan should consist of assured returns, lower risk and an additional tax benefit.

Income in intervals

Any particular expense such as medical emergency, child’s education, the marriage of your beloved daughter or any kind of financial emergency can be taken care as the Money Back Policy guarantees that the insured will get returns or will receive the sum assured every few years. The survival benefits are gathered every few years and hence it forms a secondary source of income to the policyholders.

Why should one buy a money back policy?

Money back policy is a type of saving plan wherein you get survival benefits along with maturity benefits. It provides funds on a regular interval basis after a certain period of time till the completion of the term of the policy.

You never know what financial emergency might knock your door or there could be a number of other reasons such as you might need to build funds for investing in business in every few years or for other personal responsibility etc., Money Back Plan is the best options you can rely on.

Money Back Plan provides survival benefits as the percentage of the sum assured (at specified intervals) and maturity benefit with the accrued bonus. The advantage of this money back plan is that it pays a certain amount of the sum assured at regular intervals during the duration of the policy which provides you with the required liquidity. This helps you to plan your different goals during life.

Moreover, it provides with the risk-free returns i.e. since there is no risk involved, one can opt for the finest Money Back Policy.

Share on whatsapp
Share on facebook
Share on linkedin
Share on twitter

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

< /div>