Overview
If the insured person commits suicide, whether sane or insane, within one year from the date of commencement of a money back life insurance policy, the cover will become void, i.e. the nominee cannot claim the sum assured. Only the premiums paid up to the date of death will be refunded; after deducting the expenses incurred by the insurer for issuing the cover.
Money Back Exculsions: Basics
Money Back Exculsions: Opinion
A life insurance cover helps you secure the financial future of everyone dependent on your income in the event of your death. Nobody can help overcome the loss of a dear one, but imagine that along with this loss the surviving members of the family are hard-pressed to maintain their lifestyles because they were partially or fully dependent on the income of the deceased. Getting an adequate life cover is absolutely essential if the sum of the total value of your assets (other than the home you stay in) less your total liabilities (including any home loan, car loan or personal loan you might have outstanding) is less than 150 times your current monthly expenses. The shortfall would be the recommended amount of life cover you should seek. At ApnaPaisa, we help you reach out to a maximum of 5 service providers who will propose alternative plans that you can compare based on:
- Life Cover (also known as Sum Assured)
- Annual Premium
- Additional Riders Offered
Often customers get lured into combining their life cover requirements with an investment objective. We do not recommend this approach because it is always a lot more affordable to opt for a term insurance policy and invest the savings on the annual premium into any savings instrument of your choice - be it PPF, Fixed Deposits, Mutual Funds or even shares.
Decision-making Corner
- Term Insurance comparator
- Returns on Money Back Policy vs. Inflation Calculator
- Should I Continue My Children's Money back Policy?
- Endowment vs. Whole Life Comparator