Money Back Insurance
A cushion to your financial loss
These policies are a combination of more than one endowment plan. It gives a lump sum at a predefined time.
These policies are perfect for those who want to plan for mid-term goals or benefits.
These policies are preferred by HNI’s, professionals and families planning holidays or specific events.
The insurance cover stays intact during the term if the policy is kept in force.
SILENT FEATURES
- Regular premium as well as Single premium policies are available.
- One can add Rider benefits depending upon their need.
- Conditions vary across companies.
- Fixed amounts received at fixed intervals.
- Riders are available.
- All modes of investment are available.
Sanghavi’s Recommendation:
- Must-have for HNI’s, professionals and families wanting money at regular intervals.
- Corporates use these products as part of Employee Retention Schemes.
- Useful for planning holidays or mid-term financial requirements.
| Title | Description |
|---|---|
| Details | Money Back is a participating non-linked plan offering protection against death throughout the term along with periodic survival benefits. It provides liquidity during the term and lump sum at maturity. |
| Death Benefit | On unexpected demise of the policy holder, nominee receives death benefit from the Insurance Company which is tax free. |
| Maturity Benefit | At maturity, policy holder receives maturity benefit along with survival benefits. Benefits are tax free. |
|
Features and Conditions
Minimum & Maximum age at Entry: Varies from company to company. Minimum & Maximum Term: Varies from company to company. Minimum & Maximum Sum Assured: Varies from company to company. Conditions vary from company to company. |
Tax Benefits
Tax Benefits for Individuals: As per Government & Regulatory body’s Guidelines. Tax Benefits for Corporates: As per Government & Regulatory body’s Guidelines. |
Case 1: Death happening at age 32; Case 2: Survives till maturity
| Death Benefit | Maturity Benefit |
|---|---|
| If unexpected demise happens during policy term, nominee receives sum assured plus bonuses. Benefits are tax free. Policy ends here. | At maturity, policy holder receives sum assured along with periodic survival benefits (at age 25, 30, 35, 40 etc.) plus bonuses. Benefits are tax free. |