Money back life insurance policies are the most widespread type of insurance policies in India. They are mainly used for the financial security of your family. The major feature is the survival benefit. This benefit is a sum of money paid to you by the insurer for your family needs. Themoney back planspay you the survival benefit after you start the policy until the maturity. Money back life insurance quotes are unlike the general insurances that cover you only at the end of maturity. The premium you pay for money back policy will include the investment too.So money back plan is like an additional income along with insurance.
The best money back life insuranceplans are kind of term insurances. The most common term for money back policy is 20 years. This is generally applied for a life insurance. There are many onlinemoney back life insuranceplans provided by various insurers.
Benefits of money backlife insurance policies:
- Survival benefit is assured after few years of investment
- Increased value of money.
- Insured benefits from the entire cover of money once the maturity is reached.
- Insured gets maturity benefits, survival benefits along with insurance.
- Additional bonuses are given by the insurer
- Insured also gets tax savings that are applicable to money back life insurancequotes.
- The best way to secure investments.
Components of money back life insurancepolicies:
- Survival benefits
As discussed earlier, survival benefits act as an income for the insured. They get these benefits after a few years of investment in the money back life insurancepolicy. In the case of long-term policies, this benefit is given a little later. Long-term, however, work the best for money back policies. This is because of the additional bonuses and increased survival benefits.
- Death benefits
If the insured dies, the survival benefits are stopped. But the family receives all other bonus benefits and matured benefits.
- Benefits and bonuses after maturity
Once the insured begins a money back policy, the insurer starts giving terminal bonuses. These bonuses are given at the end of the policy. This is an added bonus apart from the survival benefit. The bonus will vary with every insurer.
The remaining survival benefits are also returned during the stage of maturity of the policy. The final sum of the insurance including all benefits is given as a total to the insured.
These are benefits that can be availed by you exclusively in life insurance money back life insurancepolicies.
The types of bonuses given by insurer:
There are two bonuses, reversionary and terminal bonuses.
- A reversionary bonus is a benefit that will be revised by the insured company at the end of every year. So this amount will get added every year and will be given to you at the end of policy term.
- The terminal bonus is exclusive for money back life insurancepolicies that will be given at the end of the term by the insurer itself. This is also the sum of money the family of the insured receives after death.
The add-ons for critical illnesses, accidents can also be used to increase the cover of your money back life insurance quote cover.