Money Back Life Insurance Policy

Very Warm Greetings Of The Day, How Are You Doing ? We Hope You Have Landed Here Just Because You Are Very Keen In Knowing The Money Back Life Insurance Policy, So Today We Will Share All The Whereabouts Of

Money Back Life Insurance Policy

Money Back Life Insurance Policy

As We Approach In Life Different Responsibilities At Different Stage Of Life According To The Needs Of Time Come Up As Per Our Requirements So As To FulFil Your Dreams And Aspirations That You Have Saw For Yourself And Your Family. By The Passing Time Our Responsibilities Increases, Like Management Of House, Paying For Health Expenses, School Fees Etc. And After Few Years You Feel Like Trapped In Between These Responsibilities. But After Taking Few Wise Decisions You Can Protect Your Today Along With Securing Your Tomorrow And The Best Way Of Protecting Your Family Is To Give A Safe And Secured Life.

For This Safe And Tension Free Life We Have To Make Savings Or We Need To Invest Our Money At A Good Place For Our Future Support. Most Of The People Generally Believe In Traditional Life Insurance Policies For A Long Tenure So As To Generate Guaranteed Returns For Them. However, We Have To Face Many Problems If We Require Funds Before The Tenure Is Over. Then Such A Traditional Life Insurance Policy Is Of No Help To Us If The Plan Tenure Is Not Over. To Over Come This Problem We Can Do One Thing, We Can Apply For Loan But This Loan Can Also Not Prove To Be Very Useful As It Is Has A Certain Limitation In Terms Of Loan Amount. This Makes Us To Think What To Do Now? And Is There Any Plan That Can Give Us A Lump Sum Of Financial Benefit During The Insurance Plan Tenure?

The Answer To The Above Problem Is Yes! There Is Money Back Life Insurance Plan Which Gives You A Lump Sum Benefit Even During The Insurance Plan Tenure. Now Let’s Understand In Detail About This Money Back Life Insurance Plan.

What is Money Back Policy?

Firstly, Everyone Wants To Know About This Is Money Back Insurance Plan, We Might Have Heard About Life Insurance Policy But We Are Unaware About This Money Back Life Insurance Policy. Don’t Worry As Here We Will Try To Explain About Money Back Life Insurance Policy In Simple Words, Money Back Policy Is An Insurance Policy Which Gives Money Back At Regular Intervals Of The Insurance Term. This Money-Back Is Paid During The Plan Tenure In Terms Of Percentage Of The Sum Assured.term insurance compare

A Money-Back Structure Is Typically Offered As Traditional Policies. So As A Participating Plan, That Pegs The Investment Benefit To The Performance Of Underlying Participating Fund And Distributes It In The Form Of Yearly Bonuses, A Money-Back Plan Usually Staggers The Payment Of Sum Assured At Regular Intervals During The Policy Term And On Maturity Pays The Sum Of Bonuses.

Now You Might Be Thinking That What’s Unique In It As There Are Some Term Policies Which Also Gives Return During Their Tenure Plan.

But There Are Some Salient Features Which Makes Money Back Policy Unique.

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Why should I Go For Money Back Policy?

There Are Many Reasons To Buy Money Back Policy, Some Of Them Are Stated Below:

  • Saving Plan With Survival Benefits: It Is One Of The Best Saving plans. Here, You Get Survival Benefit Along With Maturity Benefits And Bonuses As Per Your Policy Clause. A Money Back Plan Provides The Death Benefit To Your Family/Nominee In The Event Of Your Demise.
  • Guaranteed Payout: In Money Back Policy The Most Attractive Part Is That This Policy Provides Funds On Regular Intervals After A Certain Period Of Time Till The End Of The Policy Term.
  • Risk Free Return: Money Back Policy Is Considered As A Safer Investment Option Specially To Risk-Averse Investors. Under This Plan A Fixed Amount Is Provided As The Payouts And No Market Risk Is Attached With This Policy.

Features Of Money Back Policy:term plan with return of premium comparison

  • Money Back Policy Pays The Full Sum Assured In Case Of Death Of The Policy Holder During The Policy Term.
  • In Case Of Survival The Money Back Policy Pays A Portion Of Sum Assured Along With The Benefits And Bonuses.
  • Insured Can Get Tax Benefits For The Premium Paid Towards The Money Back Life Insurance Under Section 80C Of The Income Tax Act.
  • It Provides Income For Life Time During Your Plan.
  • Bonus Amount Received Helps To Increase Payout In A Money Back Policy.

How Is Premium Calculated in Money Back Policy:

There Are Certain Factors On The Basis Of Which Premium Of Money Back Policy Is Calculated, These Are Mentioned Below:

  • On The Basis Of Gender: According To The Recent Statistics, Men Have Lower Life Expectancy Than Women And Thus Have Higher Life Risk. In Order To Provide Male Policyholder A Life Cover, Insurers Charge Higher Premiums.
  • Based on Present Health condition: In Money Back Policy There Are Few Policies Whose Premium Calculation Depends On Your Present Heath Condition. If You Suffer From Any Severe Illnesses Such As Cancer, Diabetes, Or Heart Attack, You Will Be Charged With Higher Premiums.
  • For Smoker And Non-Smoker: The Premium Rates Of Smoker And Non-Smoker Are Different. In Comparison Of Smoker Premium Non-Smoker Premium Rate Is Higher. Based On A Research Consumption Of Alcohol, Tobacco, And Other Nicotine Products They Are More Detrimental To Health, And It Increases The Life Risk Of The Policyholder And Thus, Insurers Charge Higher Premiums To Cover The Risk.
  • Age: Age Plays A Very Vital Role While Calculating The Premium Amount. If You Buy The Plan At An Early Age, You Will Be Charged With Lower Premium Amounts Than The One Buying At An Older AgeMoney Back Life Insurance Policy

Eligibility Criteria for Buying Money Back Policy:

  • Almost All Insurance Companies Providing Money Back Life Insurance Policy Requires A Minimum Age For The Policy And It Is 18 Years, Means You Should Have Completed Your 18 Years Of Age.
  • One Cannot Extend The Policy Beyond The Maximum Age Allowed Under The Money Back Plan.
  • You Have To Pay Your Premium According To The Clause Of That Insurance Company

Documents Required For Money Back Policy:

  • ID ProofPAN Card, Aadhaar Card, Voter ID Card, Etc.
  • Age Proof Aadhaar Card, Voter ID, Passport, Driving License, Etc.
  • Income Proof Salary Slips, Income Tax Returns, Bank Statements, Etc.
  • Address Proof Driving License, Aadhaar Card, Voter ID, Passport, Etc.

 What is Not Included In Money Back Life insurance Policy:

Things Which Are Not Included In Money Back Life Insurance Policy –

Suicide: If Occurred Within 12 Months, From The Date Of Commencement Of The Policy, The Nominee Is Entitled To Receive 80% Of The Premiums Paid Only When The Policy Is In-Force. When Occurred Within 12 Months, From The Date Of Revival Of The Policy, The Nominee Is Entitled To Receive An Amount Which Is Higher Than Surrender Value (On The Date Of Death) Or 80% Of The Premiums Paid.

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A Very Big Thank You, For Giving Your Precious Time In Reading Our Article, We Hope You Liked Our Article And If Any Suggestions Or You Want To Have Any More Information On A Particular Insurance Related Term Or Policies Please Share Your Valuable Thoughts In The Comment Box Provided Below.

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