Insurers' Most Popular Money-Back Plans
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Money-back plans are plans that act as guarantees that the insured person and its family will receive a sum after a regular interval of time based on the policy taken up and it can take care of the expenses of the family in the future that are heavy expenses such as the higher education of a child, a big event to be celebrated etc. so these are amounts which receive benefits till a certain period and then give out benefits and payouts at regular intervals along with survival and death benefits. It also takes care of the family in cases when the premium payer dies before the entire premium is paid by him/her so can act as a boon if chosen wisely.
Top Money-Back Plans Offered By Different Insurers
A lot of banks and companies provide the money-back plans but it is very essential that you understand what each plan has in store for us.
The following are the best Money back plans that are preferred by the insurers:
1. ICICI Pru Cash Advantage Plan
It guarantees the regular payout of lump sum amounts at regular intervals throughout the policy period along with the full payout at maturity. In this plan,as soon as the premium payment term finishes,the lump sum distributes under the plans- Maturity benefit and guaranteed cash benefits availability.
2. HDFC Life Super Income Plan
It provides guaranteed income for 8-15 years span and also assures capital growth. Under the single pay option, a regular income should start in the second year policy and should continue till the end of the policy term. Some benefits of this plan are issuance with single premium payment and no hassle.
3. Kotak Premier Money Back Guarantee
It is a restricted premium payment plan and delivers the lump sum amounts to meet the financial needs at various stages of life. Its benefits are payouts in lump sum at frequent intervals,accidental death benefits,bonus at first year of insurance term.
4. TATA AIA Life Insurance Money- Back Plus Plan
Under this plan, guaranteed payouts are made at regular intervals throughout the term plan and also includes accidental benefits and it also offers three possible payout possibilities, rider availability and two types of bonuses.
5. BAJAJ Allianz Cash Assure Plan
It offers standard money back plan and pays a lump sum amount at regular periods
over the term of the policy and offers 4 policy terms i.e., 16,20,24 and 28 years along
with maturity and death benefits.
Conclusion
Money back policies are one of the best ways to secure the future of an individual and one of the prime investment plans but the plans should be taken in a judicious manner considering all the terms and conditions along with the benefits it offers.
Also Read: Importance And Benefits Of Life Insurance
