A unique kind of insurance plan, where in sum assured will be offered to the relative/beneficiary, once the policyholder dies is known as the Money back Policy.
The interesting aspect of the money back policy is that money comes back to person whose life is insured, after some time interval.
Moneymindz is having fantastic team of financial experts offering spectacular advice on the money back policies.
Prominent Features Of Money Back Policy:
Interesting features of the money back policies are as follows:
Death Benefits: During the death of the policyholder, with in the term of policy, then nominee/relative gets huge percentage of the basic sum assured.
Maturity Benefits: if the life Assured survives till maturity, some percentages of the basic sum assured in addition to simple reversionary bonuses and final additional bonus will be paid.
Survival Benefits: Relative of the policyholder will receive some percentage of the sum assured at end of 5th, 10th and 15th year of the policy.
Advantages Of Money Back Policy:
ØInvestment is very safe, because it is a traditional plan.
ØComplete sum assured is paid as death benefit to the relative/families of policyholder.
ØOffers the insurance cover during the term of the policy.
ØHelps in offering superior tax returns to customers in India.
ØBonus is calculated on sum assured and will not be influenced by any survival benefits.
ØMost of the premiums are not included under Section 80 C and the maturity amount is also exempted under Section 10 (10D).
ØHelps in having a good credibility.
ØVarious features do cover things like critical illness, serious illness, specific illness, genetic diseases and disabilities from birth.
ØGood financial resource for maintaining your expenses in a logical fashion.
Criterions For Taking Up Money Back Policy:
ØApplication form to be filled.
ØAddress proof document.
ØAge proof document.
ØPolicyholder must be between 18 years to 50 years.
ØMust be citizen of India.
Disadvantages of Money Back Policies:
ØPremium of policy is higher than any normal plans.
ØMoney back policy is not flexible compared to other policies in India.
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