Money Back Insurance Policies
A money back investment plan is designed to help investors protect themselves against the unpredictability of life. It offers a life cover along with regular guaranteed1 returns that are paid at predetermined intervals so that investors can meet expenses associated with milestone moments in life, such as buying a car, paying for a child’s higher studies, wedding expenses, and so on.
a. Sum assured
b. Bonus amount
c. Remaining survival benefit
Features of a Money Back Insurance Policy
The following are some of the features of a money back insurance policy:
Investors can easily enhance their money back insurance policies with the help of optional riders³. However, it is important to understand that adding a rider³ means an increase in the monthly or annual premium you must pay. The riders³ applicable for money back insurance policies are:
Frequently Asked Questions on Money Back Insurance Policy
- Identity proof (in the form of Aadhar Card, Passport, Driver’s License, and so on)
- Age proof (in the form of Aadhar Card, Passport, Driver’s License, and so on)
- Address proof (in the form of Aadhar Card, Passport, Driver’s License, and so on)
- PAN Card
- 2 Passport Size photographs
- You are looking for an investment that offers guaranteed1 returns on a periodic basis.
- You want to guarantee having ample funds to meet different milestones in life (such as buying a car, paying for your child’s education, getting married, and so on).
- You want to secure your family in the event of an untimely death.
- You want a low-risk investment option.
- You are the primary breadwinner of your family.
- Minimum entry age: Some money back insurance policies have a minimum entry age as low as 7 days, while others may have a minimum entry age of 18 years. Investors must read the policy document carefully to know if they are eligible for the plan.
- Maximum entry age: The maximum entry age for money back insurance policies can range from 55-60 years (the exact age can vary from policy to policy).
- Indian citizens are eligible to invest in money back insurance policies.
- Critical Illness Rider
- Premium Waiver Rider
- Accidental Death/Disability Cover
- Accelerated Sum Assured
- Hospital Cash Benefit Rider
- Term Care Rider
¹ Provided all due premiums are paid.
² Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
³ There are exclusions attached to the rider. Please refer to the brochure.