Money Back Policy: Compare Online Money Back Plan In India
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A money back policy installments plan that gives you some part of the maturity benefit in regular installments before the scheme period ends. The policyholder will receive regular payouts as long as he or she is alive, instead of a single lump sum at the end of the policy period or at death. However, once the death benefit payout is done or the maturity is reached, no further payments will be made through the policy. It is an investment-cum-insurance scheme which also has the advantage of liquidity after a few years. Money back policy is known as an Anticipated Endowment Plan in insurance parlance.
Best Money Back Policies in India
Some of the most popular money back policies in India are listed in the table below:
- SBI Life – Smart Money Back Gold: This is a participating plan that gives cashback at fixed intervals during the policy period. The period at which you get money back depends on the tenure of the policy. You also get accrued bonuses and the remaining sum assured at the end of the scheme or as death benefit. The minimum premium amount is Rs.400.
- HDFC Life Super Income Plan: This is a participating, non-linked, limited pay scheme. After the premium payment period is over, cashback is given to the insured person for the remaining policy tenure. So you can get regular profits every year for 8 to 15 years after you stop paying premiums. The money back receipts cease in case a death benefit is claimed.
- LIC Money Back Plan 20 Years: This is a participating unlinked policy that gives money back every 5 years until death of the policyholder or maturity of the policy. An amount equal to 20% of the basic sum assured is given as money back, while at maturity you get the remaining sum assured and bonuses that have accumulated on the scheme.
- Reliance Nippon Life Super Money Back Plan: This is a non-participating, non-linked plan that gives you cashback every 5 years until the end of the policy tenure. You need to pay premium only for half of your chosen scheme duration. Your total savings increase every year through loyalty additions, and the policy also gives a maturity bonus as survival benefit at the end of the policy term.
- Aviva Dhan Samruddhi: This is a non-participating, unlinked insurance scheme with guaranteed money back every 5 years until the policy matures. You can get up to 125% of the annualised premium as money back through the payouts. You get guaranteed bonuses of 7% to 9% of the annualised premium every year.
- Birla Sun Life Insurance Bachat Money Back Plan: This is a non-participating life insurance policy that gives you insurance and money back with premiums as low as Rs.400 per month. The money back and maturity benefits depend on your entry age, chosen premium and tenure. You will get 20% of the base premiums paid per month as cashback every 5 years until the end of policy period, apart from the guaranteed maturity benefits or death benefits.
- ICICI Prudential Cash Advantage: This is a participating limited pay plan which gives you guaranteed cashback from the time you stop paying premiums. For a 10-year policy, by paying an annual premium of Rs.30,000 for as few as 5 years, you can get Rs.74,451 as maturity benefit in addition to getting 12% of the maturity benefit as cashback every year from the 6th year onwards.
- Max Life Monthly Income Advantage Plan: This is a non-linked, participating plan that provides guaranteed monthly income following 10 years of the premium payment term. Policyholders can decide the premium amount they wish to invest based on their specific requirements. In addition to the savings benefit, policyholders can also get life coverage for up to 25 years.
How To Check The Status Of A Money Back Policy
Most insurance providers give policyholders the option of checking the status of their policy and viewing key information about their policy through both online and offline channels. Listed below are the various channels through which you can check the status of your insurance policy:
- Customer Portal: If you wish to check your policy status online, you can log in to the customer portal on the insurer’s website. In case you are a first-time user, you will have to complete your registration and add your policy, on the insurer’s website. Post this, you will able to view all information about your policy directly through the portal, after logging in.
- Customer Care: You can also contact the insurer through their toll-free number, email ID, or write to them, if you have any queries about your policy or policy status.
- Insurer’s Branch: You can also walk into the nearest branch of the insurer and directly speak to an insurance agent or representative about your policy queries.
- Mobile Application: Certain insurance providers also have mobile applications through which you can check the status of your insurance policy in a hassle-free manner.
Conclusion
Any one of these plans could be the right option for you based on your coverage needs, financial goals, and premium payment ability. Thus, make sure to consider your needs and the needs of your dependents, research various policies available in the market, compare premium quotes offered by insurers, and opt for a policy that provides coverage as per your needs.
Also read: LIC's New Money Back Plan-20 Years
