In a Money Back Plan unlike ordinary endowment insurance plan where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive. An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full SUM ASSURED.
Money back plans are one of the more popular life insurance plans in India. These life insurance plans offer periodic payouts to the policyholder as survival benefits during the term of the policy. Thus they offer both investment and insurance in one package.
Money Back plans are most suitable for young individual for Tax Planning and also meeting short term financial goals as well as part of the long term financial planning. Many web portal provide a premium comparison tools, which are not the only relevant feature comparison in case of a Money Back Plan. Also important is the return on your investment and the frequency and the quantum of regular payment and the coinciding of such money back payments with your future financial goals.
Choose your Money back plan carefully. Ask us before you buy your money back plan.
Our Basic Financial Planning Service is completely Free, Contact now before you take the final decision.