How to Check the Status of Your Money Back Policy?

Key Benefits of Money Back Plan
How to Check the Status of a Money Back Policy?

A money back plan is a category of life insurance policy. This policy type comes with a unique feature under which it allows the policyholder to receive payouts at regular intervals during the policy term as part of the survival benefit. In the case of a money back plan, there is no 'single lump sum amount at end of policy or death' feature. However, it must be noted that once the death benefit payout is done or the maturity is reached, no further payments are made through the policy. Offering the dual benefit of investment as well as insurance, a money back plan also comes with the advantage of liquidity after a few years.

People who want insurance as well as investment at the same time look for a money back plan. After all, a money back plan provides life protection along with the regular income from the profits made through the investment. So, if you are an individual looking for the dual advantage and do not have a high-risk appetite, it is advised to go for a money back plan.

Key Benefits of Money Back Plan

Some of the prime advantages you will get from money back plans are:

Death Benefit: Sum assured received by the nominee in case of the death of the policyholder.
Maturity Benefit: Percentage of sum assured given to policyholder on surviving the policy term.
Survival Benefit: Regular payout made to the policyholder as long as he/she is alive and well.
Bonuses: Certain percentage of the sum assured paid with maturity benefit or death benefit (depends on the discretion of the insurance company).
Riders: Critical illness rider, term rider, hospital cash rider, accident/disability rider, waiver of premium rider, or accelerated sum assured rider that enhances the level of protection.
Tax Benefits: On premiums paid towards the money back policy under section 80C of the Income Tax Act, 1961. Keep note that the survival benefit, maturity benefit, and bonuses are tax-free.

How to Check the Status of a Money Back Policy?

In most cases, insurance companies provide policyholders with the option of checking the status of their policy and viewing key information through online and offline channels. Below mentioned are some of the channels through which one can check the status of their money back policy:

Customer Portal: If you are planning to check your policy status online, make sure you log in to the customer portal on the website of the insurance company. If you are a first-time user, it is advisable to complete your registration and add your policy and then go ahead with the status check process.
Customer Care: If interested, you can contact the insurance company on their toll-free number, email ID, or write to them regarding the policy status.
Visit the Insurer’s Branch: You can also visit the nearest branch of the insurance company and directly talk to an insurance agent or representative about your queries regarding your money back policy.
Mobile Application: In most cases, insurance companies have mobile applications through which they allow the policyholders to check the status of their policies in a hassle-free way.