Insurers' Popular Money-Back Plans
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Money Back Plans are a type of savings plan that, in addition to regular payments from the policyholder's savings account, provides a variety of additional benefits. This distinguishes them from the vast majority of traditional life insurance plans. A survival benefit amount is paid to the life guaranteed under a Money Back life insurance policy at various points of the term. Even if the life assured has already received survivor benefits, the sum assured is paid to the nominee if the life assured dies within the insurance period. Survivor payments are calculated as a percentage of the total amount of money guaranteed. When the Money Back life insurance policy matures, the cash guaranteed is paid to the life assured after the periodic survival benefits are deducted.
Top 5 Money-Back Plans from Insurers
The best Money Back programmes to think about are as follows:
1. ICICI Pru Cash Advantage Plan
The ICICI Pru Cash Advantage Plan provides guaranteed lump-sum dividends at regular periods throughout the policy's term, as well as a lump-sum payment at policy maturity. When the premium payment period finishes, you begin receiving lump-sum payments under this plan.
a. A Maturity Benefit is provided.
b. Guaranteed Cash Benefits are offered.
2. HDFC Life Super Income Plan
For a period of 8 to 15 years, the HDFC Life Super Income Plan provides assured income and capital growth. If you pick the single pay option, you will get a regular income beginning in the second policy year and continuing until the end of the insurance term.
With a single premium payment, there is no hassle issuance.
3. Kotak Premier's Money-Back Guarantee
The Kotak Premier Money Back plan is a premium-restricted plan that pays out lump sum distributions at regular intervals throughout the policy term to assist you in meeting your financial obligations at various stages of life.
The Accidental Death Benefit is paid out in lump sums at regular periods.
Beginning with the first year of the policy's term, bonuses are offered.
4. Tata AIA Life Insurance's Money Back Plus Plan
Tata AIA Life Insurance Money Back Plus Plan is a life insurance and savings plan offered by Tata AIA. Guaranteed payments are made at regular intervals over the life of this package. For added peace of mind, this plan includes an accident benefit.
a. An Accidental Death Benefit is provided.
b. The ability to select one of three payment methods
c. There are two types of bonuses available.
5. Bajaj Allianz Cash Assure Plan
Bajaj Allianz Cash Assure is a standard money-back plan that incorporates life insurance as well as a savings option. This insurance pays out a lump sum at regular intervals during the life of the policy's term.
a. The policy terms available are 16 years, 20 years, 24 years, and 28 years.
b. A Maturity Benefit is provided.
c. Death benefits are offered.
Conclusion
A money-back guarantee is one of the finest ways to handle your life investment protection. You will receive money at regular intervals during the policy term, a sum assured at the end of the policy term, bonus amounts as determined by the insurer, and suitable insurance coverage for the duration of the policy period. A full money back plan makes sense for an investor looking for a policy that gives guaranteed returns as well as rewards at various stages of life to assist pay for crucial future expenditures.
Also Read: Benefits Of Life Insurance With Money Back
