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Money Back Policy

Money back plans protect your family's financial interests from circumstances such as death or critical illness of the policyholder. Periodic payouts create wealth for meeting financial commitments at key stages in life. Here at PolicyBazaar.com, you can carefully research, compare and choose a suitable money back life insurance plan for your needs.

Money back plans offer a true amalgam of insurance and investment. Secure your family financially.

Money back plans are one of the more popular life insurance plans in India. Under these plans, the policyholders receive frequent payouts as the death benefit, in case the policyholder survives. These packages include both insurance and investment plans.

A money back plan is ideal for people who want a guaranteed return on their investments and are looking for regular payouts at the same time in addition to an insurance cover for themselves for the same money they are putting in as premium. Unlike a standard life insurance policy that only pays an amount after the maturity of the policy, the money back plan starts to pay an amount that is called a ‘survival benefit’ over the lifetime of the policy. This survival benefit is given after a few years from the start of the money back plan and continues until the maturity of the money back policy. The survival benefit, as the name suggests, is a reward from the company to the insured individual for surviving. This benefit is only payable if the insured is alive. In case of occurrence of an unfortunate event that results in the death of the insured party, these survival benefits do not accrue any more. In such cases, the nominee(s) receive the whole of the maturity amount, irrespective of how much survival benefits have been paid along with any bonus that may have accrued. Thus, the money back plan offers regular income along with a maturity benefit just like standard life insurance policies.

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Best Money Back Policies in India 2016

1. LIC Money Back Policy – 20 years

2. SBI Life- Smart Money Back Gold

3. Bajaj Allianz cash Assure

4. HDFC Life Super Income Plan

5. Reliance Super Money Back Plan

6. Aegon Life regular Money Back Insurance Plan

7. BSLI Bachat Money Back Plan

8. Canara HSBC OBC Smart Stage Money Back Plan

9. LIC Money Back Policy for Children's

Why People Choose Deal4Insurance.com for Insurance
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Online Insurance Glossary
Bias for long-term customer relationships
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Caring mindset at all customer touch points
Continuous improvement in customer processes

FAQs

1. What are the advantages of Money back policy?
Here are a few advantages of a money back insurance policy:
• Money back policy is the only insurance policy that provides the triple privilege of survival benefit, maturity benefit and insurance cover.
• It provides regular payouts during policy term.
• It is an insurance policy cum a long term investment plan with guaranteed returns
• It ensures regular income and long term savings
• It provides income Tax benefits
• It is less risky
• Death benefits are available with this plan
• A number of riders are also available with this plan

2. What are the popular Money Back Policies in India?
The most popular Money Back policies are as follows:
1) LIC Money back with profit
2) SBI Life - Smart Money back gold
3) HDFC Life Super Income Plan – Money Back policy
4) Reliance Super Money Back Plan
5) Birla Sun Life Insurance Bachat Money Back Plan
6) AEGON Religare Flexi Money Back Policy

3. What is the premium payment frequency of Money Back plan?
There is no fixed premium Payment frequency of money back plan. The frequency is generally of quarterly, half yearly or yearly basis. However, it completely depends on the decision of the Insurance Company.

4. What if I fail to pay my regular premiums?
If you fail to pay your premium on time the policy will enter Grace period. If you again fail to pay your due premium during this period your policy will be lapsed. But if you already have the Waiver of premium rider added to your basic policy, the policy will be saved from being lapsed.

5. Who is most suitable to buy Money Back policy?
Anyone who wants to make investment through low risk instruments, one who wants both wealth creation and life insurance, one who expects good returns from his investments, and also who wants to get paid during the term of the policy to meet different requirements in life, can buy Money back policy.

6. What is the tax benefit with this plan?
There are tax benefits with this plan. By opting for money back plan you can reduce your tax liability. If the maturity amount is more than five times the premium paid during policy tenure, the sum assured gets exempted from Income Tax deduction.

7. since Money back policy involves investment, is it risky?
All investment products involve some amount of risk. Only Money Back Policy is a type of endowment plan that is less risky and guarantees good return.

8. What are the riders available with Money Back Policy?
The riders available of money back policy are as follows:
• Critical Illness rider: This rider offers a guaranteed sum if the Insured is diagnosed with some critical illness including major organ failure, coronary diseases, different types of cancer etc.
• Accident rider: In case the policy holder’s unexpected death due to accident the nominee receives a sum assured
• Disability benefit rider: This type is rider helps in case the policy holder is left paralyzed due to some major accident in his life.
• Hospital cash rider: The policy holder receives daily cash for hospital expenses in case of any medical emergencies.
• Term rider: This rider is a kind of death benefit. It is the sum assured handed over to the nominee only in case of premature death of the policy holder before the completion of the policy tenure.
• Waiver of premium rider: This rider prevents the policy from getting lapsed in case the policy holder fails to pay regular premiums due to some reason.
• Accelerated sum assured rider: This is a type of critical illness rider. This rider offers the sum assured to the policy holder immediately if a critical illness is diagnosed. The policy holder doesn’t have to pay the premiums any longer. The policy terminates but the total sum assured is received.

8. What are the features of money back Insurance policy?
The key features of money back insurance policy are as follows:
• Guaranteed returns: Since money back policy provides insurance cover along with safe investment option, there are guaranteed returns from this plan.
• Income on the maturity: Like traditional life insurance, money back insurance policy provides the sum assured at the end of the policy term.
• Income during lifetime: Money back policy ensures that the insured party receives a sum every few years (usually 5 years) after the completion of the policy tenure.
• Income on death: In case of the policy holder’s death the beneficiary will receive the sum assured as death benefit.
• Availability of add-ons: The policy holder can add on riders with the basic policy. Money back insurance policy riders include term rider, personal accident rider, disability rider, critical illness rider etc..
• Bonus amounts: There are two types of bonus amounts with this policy , namely, reversionary bonus and additional bonus.

9. What is Money Back insurance Policy?
Money back policy is a type of traditional life insurance plan. It provides the dual benefit of insurance and investment. It offers the lump sum assured at the maturity of the policy or in case of early death of the policy holder.

Why People Choose Deal4Insurance.com for Insurance
Lowest Premium In India
24 x 7 Instant Policy Issue
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