Eligibility Criteria to Buy Money Back Insurance Plans

Money Back Plans offer the privilege of an insurance policy as well as an investment, and makes sure that the plan works as a source of income for policyholders instead of just merely providing a lump sum in case of an unfortunate event such as death. However, provides the policyholder with safe and secured money back on investment and with Insurance cover facility throughout the tenure. 

In this article, we will discuss a variety of Money Back Plans along with their eligibility criteria to make sure you have a clear understanding and knowledge about eligibility before opting for the particular plan. 

Different Money Back Plans and Their Eligibility Criteria

There are a wide array of Money Back Plans available along with different eligibility criteria. 

• LIC Money Back Plan 20 years

Minimum Basic Sum Assured is Rs.1 lakh and for Maximum Basic Sum Assured there is no set limit. Minimum Age for applying the policy is 13 years whereas Maximum Age is 50 years. Maximum Maturity Age for Policyholders is 70 year and policy is for term 20 years and Premium Paying term is 15 years. There is no maximum set age for availing Accidental Death Rider. 

• HDFC Life Super Income Plan

HDFC Life Super Income Plan is an individual participating plan. The policyholder can enjoy premium paying terms options such as 8,10 and 12 years. Minimum Entry Age is 18 years and Maximum is 59 years.Frequency in premium payment is monthly, quarterly, yearly and half-yearly. Policyholders can avail a policy for terms 16, 18, 20, 22, 24 and 27 years. Minimum Sum Assured under this policy is Rs. 1,28,337 Lakh whereas there is no limit for Maximum Sum Assured.

• SBI Life- Smart Money Back Gold

Minimum Entry Age for this policy is 15 years whereas Maximum is 55 years. You can avail the policy for term 12, 15, 20 and 25 years. Minimum Maturity Age is 27 years and Maximum is 70 years. Premium Payment Frequency is yearly, Half-yearly and quarterly. Minimum Sum Assured for availing a policy is Rs. 75,000 whereas there is no limit for Maximum Sum Assured. 

• Reliance Super Money Back Plan

Minimum Entry Age of Reliance Super Money Back Plan is 18 years whereas Maximum Entry Age is 55 years. Minimum Maturity Age is 28 years whereas Maximum Maturity Age is 80 years. Policyholders have the flexibility in Premium Payment Modes such as yearly, half-yearly, quarterly and monthly. Policy Term in years is 10, 20 , 30 and 40 years. Minimum Sum Assured is Rs.1 Lakh whereas for maximum there is no such limit. 

• Birla Sun Life Insurance Bachat Money Back Plan

Birla Sun Life Insurance Bachat Money Back Plan is for 20 years. Minimum Entry Age of Policyholder is 13 years whereas Maximum Entry Age is 60 years. Premium Payment term is for 20 years. There is no Minimum Maturity Age under this plan whereas Maximum Maturity Age is 80 years. Payments of the premiums can be done quarterly, half-yearly, monthly, and annually. Minimum Monthly Base Premium is Rs. 400 whereas Maximum is Rs. 5,000.

Conclusion

You can avail the above mentioned best Money Back Plans at certain eligibility and terms and conditions of a particular policy. All the plans have different Minimum Entry Age and Maximum Entry Age. Sum Assured is also different so do consider and go through the eligibility and terms and conditions before purchasing any  plan. These terms and conditions will help you make an informed and sound decision. 

Also read 

What Makes Money Back Plan The Best Investment Option?

Tax Benefits In Money Back Insurance Plans

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.