In a money-back plan, the insured person gets a percentage of sum assured at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity. This policy is suitable for risk-averse individuals who wish to save through an insurance plan and also maintain liquidity throughout. In case of death of the insured person, the nominee gets the entire sum assured and the survival benefits are not deducted.
Things Need to Buy a Money Back Policy
- Provides Survival benefits
- Liquidity
- Provides risk-free returns
Features of Money Back policy
- Guaranteed Returns from Money back policy
- Income during the lifetime of the Money Back Plan
- Income on the maturity of Money Back Plan
- Income during the death of the insured person in a Money Back Plan
- Add on riders available for the insured to increase their cover
Benefits of a Money Back Policy
- Survival Benefits
- Death Benefits
- Maturity Benefit
