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What is a Money Back Insurance policy?
In case of traditional life insurance plans an ammount of money is given in case of the deadth of insured person. The beneficiaries / dependants / nominees of the life insured receive a benefit (called a death benefit) from life insurance plan.
Money back/Refund insurance policy is an endowment plan with the advantage of regular liquidity. A refund insurance plan pays out equivalent maturity benefits within the sort of several guaranteed “survival benefits” which are staggered evenly throughout the course of the policy.
Features of Money Back Policy:
The money back policy has a number of distinct features that set it apart from other life insurance products, as mentioned below:
- Money back plans provide policyholders with low risk investment options as well as insurance coverage.
- The policies provide a regular source of income in the form of ‘Survival Benefits’ for the duration of the policy.
- In the event of the policyholder’s demise during the policy term, the entire Sum Assured is paid out to the nominee irrespective of the amount already paid through the Survival Benefits.
Eligibility Criteria for Money Back Policy:
The policyholders should meet certain criteria to qualify for a money back policy. The eligibility criteria are listed below:
- Policyholder should be above the minimum entry age and below the maximum entry age (varies from policy to policy).
- Policyholder should be able to pay the Sum Assured as per the policy guidelines.
Documents Required for Money Back Policy:
The documents required to apply for a money back policy are listed below:
- Proof of age document.
- Proof of address document.
- Application form duly filled in.
- Medical reports (if applicable).