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When applying for money back policy

 

In money back insurance policy, policyholder receives certain percentage of the sum assured at specific interval of time as partial survival benefits and balance amount at the end along with bonuses, if any. On surviving the policy term, sum assured plus bonus, if any less paid payouts is received by the insured person. In the event of death within the policy term, sum assured is paid to the nominee without deducting any prior payouts. This is one of attractive feature of money back plans.

 

Individual should plan well in advance about the payout dates and amount needed at that time, which will satisfy the financial needs and requirements of your dependents in future. Depending upon the type of policy you opt, the payout dates should be scheduled accordingly.

 

Survival benefits are paid as certain percentage of the sum assured in every five years and the balance amount would be paid on maturity. Suppose an individual takes a money back policy for the term of 20 years. He/she will receive payouts of 20% of the sum assured at every 5 years period and balance amount will be received at the end of term with additional bonus, if any.

 

Money back plans also offer risk cover on the policyholder?'s life. Hence it will offer dual benefits of insurance and investment. Death benefits are guaranteed irrespective of the policyholder?'s death in the last year of policy term even after receiving survival benefit payouts. Sum assured will be paid to the nominee without deducting any previous paid payout amounts.

 

Individual who desire to have funds at specific or regular intervals in future should opt for money back insurance policy. Marriage expenses, buying a car or property or any other important financial or family requirements can be achieved by way of money back insurance policy. It will provide security to your family?'s financial interest from events such as death or permanent disability of key member along with guaranteed returns at low risk. Policy proceeding can be used by the family to retain similar standard of living after the demise of key member.

 

Money back policy can be very valuable to cover all the various expenses arriving at different stages in life. Premium paid will be allowed as tax deduction and money received in payouts will be tax-free.

 

Before applying for any insurance policy, individual should understand the necessity for insurance cover. Policy seeker should thoroughly understand the policy documents and features. Material facts related to health history and personal details should be honestly disclosed with the insurance company.


 

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