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Money Back Policy |
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 This policy provides the survival benefits those are payable only at the end of the endowment period, money back policies contains periodic payments of partial survival benefits during the term of the policy, period of duration is so long as the policy holder is alive. An important benefit of this type of policies is that if death event happened within the policy term, without deducting the survival benefit amounts, the full sum assured , which may have already been paid as money-back components. The bonus is also calculated on the full sum assured . Money back policies premiums can be paid as per the insurance policy like quarterly, half yearly or annually. The premiums for these policies are payable for the selected term of years, or till death if it occurs earlier. In this policy you van receive income at regular intervals other than the risk cover it provides.
Benefits:
- Money back policy offers dual benefits of insurance and redemption of money at regular intervals.
- This plan can be availed of for terms 20 or 25 years .
- Premiums cease at death or on expiry of term whichever is earlier.
- Premiums are to be paid regularly to get survival benefits.
- Bonus is payable under this scheme.
- In case of death of the life assured within the term, the total sum insured is paid to the nominee, irrespective of earlier survival benefits.
- A policy where lump sum amounts are paid to the life assured at periodic intervals on survival.
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