Money Back Plans Introduction
Money Back Plans Definition: In a Money Back policy, the insured gets a percentage of SA (sum assured) at regular intervals, instead of getting the lump sum at the end of the Policy term. It is an Endowment policy with the benefit of liquidity.
Money Back policy enables you to prepare for responsibilities like children’s marriage, education, buying an asset or leading an independent retired life. This policy is mainly suitable for the individuals who wants to save through an insurance policy and also maintain liquidity throughout the period. In case of death of the life insured, the nominee will get the entire SA (sum assured) & the survival benefits are not deducted.
Benefits and Features of Money Back Plan:
- Survival Benefit (SB): Survival benefit is payable to the insured only if he/she survives the policy period or policy term.
- Money Back Policy provides life coverage during the policy term and the maturity benefits are paid in installments by way of SB (survival benefits) in every five years.
- On death of the policyholder within the policy period, full sum assured is paid without deducting any of the SB (survival benefit) amounts that are already paid.
- It allows insured to be flexible with his/her expenses.
- It entitles you to bonuses, depending upon the policies and company’s performance.
- SA (sum assured) can be altered and different rider benefits can be added as per insured requirements.
Example of Money Back Policy:
Suppose Mr.Baek has a Money Back plan for 20 years with SA (sum assured) of 1 lakh.
- Survival Benefit: At the end of every 5th year i.e., 5th, 10th, 15th and 20th year he will get some percentage of sum assured as per company conditions.
- Death Benefit: For suppose at the end of the 5th and 10th year he receives Rs. 20000/- each as SB (survival benefit). If Mr.Baek happens to die in the 12th year, the nominee will receive full Rs. 1 lakh regardless of the earlier benefits of Rs. 40000/-.
Money back plans of Different Life Insurance Companies
1. AEGON Religare Life Insurance Money back Plan
- AEGON Religare Flexi Money Back Advantage Insurance Plan
2. Aviva Life Insurance Money back Plans
- Not available.
3. Bajaj Allianz Life Insurance Money back plan
- Not available.
4. Bharti AXA Life Insurancen Money back Plans
- Bharti AXA Life Monthly Income Plan
- Bharti AXA Life Secure Income Plan
5. Birla Sun Life Insurance Money back Plans
- Not available.
6. Canara HSBC OBC Life Insurance Money back Plan
- Not available.
7. DHFL Pramerica Life Insurance Company
- Not available.
8. Edelweiss Tokio Life Insurance Money back Plan
- Edelweiss Tokio Income Replacement
9. Exide Life Insurance Money back Plan
- Not available.
10. Future Generali Life Insurance Company
- Not available.
11. HDFC Standard Life Insurance Money back Plan
- HDFC Life Super Income Plan.
12. ICICI Prudential Life Insurance Company
- Not available.
13. IDBI Federal Life Insurance Company
- Not available.
14. IndiaFirst Life Insurance Company
- Not available.
15. Kotak Mahindra Old Mutual Life Insurance Company
- Kotak Assured Income Plan.
16. Life Insurance Corporation of India Money back Plan
- LIC New Money Back Plan 20 Years
- LIC New Money Back Plan 25 Years
- LIC New Bima Bachat Plan
- LIC Jeevan Shagun
17. Max Life Insurance Money back Plan
- Max Life Guaranteed Monthly Income Plan
18. PNB Metlife India Insurance Company
- Met Monthly Income Plan.
19. Reliance Life Insurance Money back Plans
- Reliance Guaranteed Money Back Plan.
- Reliance Super Money Back Plan.
20. Sahara India Life Insurance Company
- Not available.
21. SBI Life Insurance Money back Plans
- SBI Life Smart Money Back Gold Plan.
22. Shriram Life Insurance Company
- Not available.
23. Star Union Dai-ichi Life Insurance Money back Plan
- Star Union Daiichi Guaranteed Money Back Plan.
24. TATA AIA Life Insurance Company
- Not available.
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