Popular Money Back Plans By Insurers

Money Back Plans are a type of savings plan that pays out a variety of advantages as well as regular payouts from the policyholder's savings account. This distinguishes them from most other life insurance plans. A survival benefit amount is paid to the life assured under a Money Back life insurance policy at various phases of the life insurance policy. Even if the life assured has already received the survivor benefits, the sum assured is paid to the nominee if the life assured dies within the policy period. Surviving benefits are calculated as a percentage of the total money assured. After deducting the periodical survival benefits, the sum assured is paid to the life assured when the Money Back life insurance policy matures.

Top 5 Money Back Plans By The Insurer

The following are the best Money Back plans to think about:

1. ICICI Pru Cash Advantage Plan

The ICICI Pru Cash Advantage Plan provides guaranteed lump sum payouts at regular intervals throughout the policy period, as well as a lump sum amount at policy maturity. As soon as the premium payment term finishes, you begin receiving lump sum distributions under this plan.

• Maturity Benefit is available.
• Guaranteed Cash Benefits are available.

2. HDFC Life Super Income Plan

HDFC Life Super Income Plan provides guaranteed income for a period of 8 to 15 years, as well as assured capital growth. Under the single pay option, you will get a regular income starting in the second policy year and continuing until the end of the policy term.

• Issuance with a Single Premium Payment 
• No Hassle

3. Kotak Premier Money Back Guarantee

The Kotak Premier Money Back plan is a restricted premium payment plan that delivers lump sum distributions at regular intervals throughout the policy term to assist you in meeting your financial needs at various stages of life.

• Payouts in lump sums at frequent times
• Accidental Death Benefit is available.
• Bonuses are available from the first year of the insurance term.

4. Tata AIA Life Insurance Money Back Plus Plan

Tata AIA Life Insurance Money Back Plus Plan is a life insurance and savings plan. Guaranteed payouts are made at regular times throughout the term of this plan. For added security, this plan includes an accident benefit.

• Accidental Death Benefit is available.
• The ability to select one of three payout possibilities
• There are two types of bonuses available.
• Rider Availability

5. Bajaj Allianz Cash Assure Plan

Bajaj Allianz Cash Assure is a standard money back plan that offers life insurance as well as a savings option. This plan pays out a lump sum at regular periods over the policy's term.

• There are four policy terms available: 16, 20, 24, and 28 years.
• Maturity Benefit is available.
• Death Benefits are available.

Conclusion

A money back guarantee is one of the better ways to manage your life investment cover. You will get money at regular intervals during the policy term, a sum assured at the end of the policy term, and bonus amounts as stipulated by the insurer, as well as suitable insurance coverage throughout the policy time. A full money back plan makes sense for an investor looking for a policy that offers guaranteed returns as well as rewards at different stages of life to help pay for major future expenses.

Also read- What Is The Function Of Money Back Policy?

Documents Required for Money Back Policy

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.