Products > Insurance > Life Insurance > Money Back Plan

Money Back Plan provides life insurance coverage for a specified time span. During the term of the plan, the policyholder receivesa regular fixed tax-free amount.

What is a Money Back Plan?

Money back is an insurance policy that entitlesone to receive periodical payoutsand ultimate survival benefits, during the tenure of the policy. This survival benefit is payable only if the policyholder survives the policy term, in case of death, the Sum Assured is paid to the beneficiary.

There are various modes of payment of premiums- monthly, quarterly, half-yearly, yearly.

Why Money Back Plan?

This type of policy enables you to prepare for responsibilities like children'seducation, marriage, buying an asset or leading anindependent retired life.

A Money Back plan provides regular tax-free payouts for periodic expenses.

How does it work?

A Money Back plan offers double benefits - insurance cover, andregular payouts, at the end of the policy period or at regular intervals. Such a policy offers a cover for a specified period, during which the insured gets a specific sum of money at regular intervals.

The insured receives the balance of the agreed money at the end of the policy period. If the insured loses his life in between the policy terms, the nominee or the dependent receives the benefits on his behalf.

Benefits of a Money Back Plan

  • The regular sum of tax-free payouts can be reinvested or used to meet occasional expenses
  • Allows you to be flexible with your expenses
  • Entitles you to bonuses, depending upon thecompany's performance and policies
  • On the death of the insured, the nominee gets the Sum Assured along with the amount of paid up additions, bought from your bonus
  • The plan is customizable.The sum assured can be altered and different riders can be added as per your requirements
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