Money back life insurance plan provides for periodic payments during its tenure, it gives back money to policyholder at different points in time usually 4-5 years. The investments done are similar to endowment plans. Money back policy will give you 20% of the sum assured after first 4 years, and next 20% after 8 years and the remaining 20% on maturity with accumulated bonus.
2. How does money back insurance plan works?
In a money back plan you keep getting the percentage of sum assured during the term of the policy. It is beneficial to meet the financial obligations at a point of time when you need money, rather then waiting for the full policy term to receive the returns. However the returns are not market linked since they invest in asset classes which will yield low but fixed returns.
3. What are the benefits of the money back policy?
The money back insurance policy provides you with the benefit of periodic payment for the term of policy. The bonus is calculated on the full sum assured, some insurance companies also provide additional optional benefits. In event of death at any point in the policy term the claim includes the full sum assured without deducting any survival benefit amount. You should also go through the terms and conditions before buying money back policy or even while buying any kind of insurance policy.
4. How much bonus can be received and when in money back policy?
Money back is with a profit plan; bonus is calculated on the full term assured. Final additional bonus is also payable but if policy has been taken or run for certain minimum period.
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