Documents Needed for Money-Back Policy
Table of Contents
A money back policy is a form of plan that allows the policyholder to receive a percentage of the sum assured at regular periods throughout the policy term rather than a lump sum payment at the end. It works in the same way as an endowment plan, but with the added benefit of liquidity. Pay-outs of Money Back insurance are known as survival benefits. These payments are made at regular intervals throughout the insurance term, as well as a maturity benefit at the policy's end. Money return plans have become increasingly popular across all insurance products as a result of this. Individuals must submit specific documentation in order to obtain a Money Back Policy.
Documents Required When Purchasing a Money Back Policy
The following is a list of documents that are often required when purchasing a Money Back Policy:
Identity Proof
It is the first and most important proof needed to obtain a Money Back guarantee. Adhar Card, Pan Card, Driving License, Passport, and Identity Card are examples of identification proofs. However, in some circumstances, an authority signature is necessary on an official document with an attached photograph.
Proof of Age
Most insurers will additionally require a document as proof of age in order to determine your eligibility. Any document with your date and year of birth can be used as proof of age. You can submit your birth certificate, school and college migration certificate, or departure certificate as an Age-proof in addition to the previously stated ID proofs.
Proof of Address
This is a crucial document that you will need when acquiring a Money Back Policy. Official proof of your permanent address was necessary. You can use your PAN card, passport, driver's license, voter's ID, or any other similar document to accomplish this. You can also send telephone, gas, or electricity bills, as well as bank statements or ration cards.
Proof of Income
This is the final and most crucial document that must be submitted with other documentation in order to obtain a Money Back Policy. This is the paperwork that guarantees the insurer that you will be able to pay your premiums on time throughout the policy's duration. Income proofs are quite important in calculating the amount of money you can get back if you have a Money Back policy.
Conclusion
A Money Back Plan is one of the greatest solutions if you want to contribute to a financially secure future for yourself and your family. Furthermore, it facilitates monthly payouts during the insurance term, which helps you meet the many milestones you will have in life. Money Back plans are insurance policies that allow you to earn extra if you participate. A Money Back policy comes with a slew of other advantages. Money Back Plan is a great option for policyholders looking for a plan that provides both safety and money security in one package. These policyholders can acquire the plan using the documentation listed above.
Also Read: Why Should One Purchase A Money-Back Guarantee Policy?
