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Did you know that your family’s financial interests can be taken care of even when you are not around? How? Well, you would be glad to know that it can be done through a money-back insurance policy. The idea of money-back insurance aims at safeguarding the financial interest of the policyholders in the event of the death or illness of the insured. A money-back policy is one of the most sought-after life insurance products in the country. The reason is that they integrate insurance with investing. Under one such policy, you will receive compensation each month for surviving as a policyholder. People, who look for a guaranteed return on their investments, insurance coverage, and monthly payouts, should consider a money-back plan. The money that they have to pay to continue the plan is called a premium.
Money-back plan means that the money is returned to the policyholder as a reward for survival after a certain period. The money-back depends on the survival of the policyholder. In the event of the death of the policyholder, the beneficiary will receive the sum guaranteed along with earned bonuses. While receiving the insurance money being refunded to you may seem tempting, they certainly come with some disadvantages too. So, let us today discuss the advantages as well as disadvantages of premium return in the money-back term plan.
The return of premium insurance is not the same with each of the insurance companies. This is why going through the terms and conditions is so important. For example, some of the return of premium insurance accumulates monetary value over the period. The cash value can be used for taking out loans or withdrawing the amount. If the loan is not returned, the amount taken out is deducted from the death benefit (in case the policyholder passes away) or your money back (if the policyholder does not die).
Read More: 4 Best Single Premium Insurance Plans in India .
The money-back plans come with several distinct features that make them unique from the other life insurance products. Let us discuss some of them.
Read More : Difference Between Money Back Plans and ULIPs.
To buy a money-back policy, one has to meet certain criteria. The eligibility criteria are listed herein below:
Certain documents are needed for applying for a money-back plan. The documents include:
Here are some of the money-back plans in India mentioned below.
The feature and benefits of the plan include:
The feature and benefits of this money back plan include:
Apart from these, several money-back plans are available that you can opt for. The best part is that you can find them all online. So, take a look at such plans and choose the one that suits you the best.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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