Benefits of Exide Life My Money Back Plan

Exide Life Insurance Co. Ltd. provides a typical money-back insurance policy. Throughout the period, it pays a portion of the money promised at regular intervals. It offers you several incentives when you reach maturity. Because it is a participation plan, investment returns are tied to the performance of the participating funds. With this policy, you can ensure that your family is taken care of while you are away. Let us understand what actually is this policy and its benefits.

What is Exide Life My MoneyBack Policy?

Exide Life My Money Back Plan is a one-of-a-kind plan that merges life insurance with a savings opportunity. This plan not only protects your family financially in your absence but also provides guaranteed survivor benefit distributions to assist you in meeting your various life-stage financial needs.

The amount of the survival bonus is equal to a set percentage of the total promised. The Exide Life My Money Back Plan provides life insurance as well as monthly payments.

Benefits of Exide Life My MoneyBack Plan

The following are the advantages of the Exide Life My Money Back plan:

1. Survival Advantages

After the premium payment period has been completed, the life assured receives lump-sum distributions at regular intervals over the insurance duration. The Uniform money-back option and the Increasing money-back option are the two survivor-benefit payout choices available under this plan.

The life insured will get an identical amount of guaranteed survival benefits at regular intervals under the uniform money-back option. The life assured will receive guaranteed survival benefits equivalent to an increasing proportion of the sum promised if the money return option is increased.

2. Benefits on Death

Exide Life My Money Back plan includes a death benefit, which means the nominee will get the sum assured in the event of the life assured's untimely death. This plan assists you in ensuring that your family has sufficient financial resources to meet their financial obligations even if you are not present.

3. The Advantage of Maturity

If the life guaranteed lives the whole policy term, he or she will get a maturity benefit under this plan. At the time of plan maturity, the life guaranteed will receive the remaining sum promised after the payment of the survival benefits.

4. Benefits from Taxes

The premiums paid for the Exide Life My Money Back plan are tax-deductible under Section 80C of the Internal Revenue Code of 1961. Section 10(10D) of the Income Tax Act of 1961 exempts the maturity amount due from taxation.

5. Huge Life Insurance Coverage

Exide money-back policy provides a substantial amount of life insurance. You will select the sum assured according to your requirements. If you have a lot of dependent families, you'll choose a stronger cover and vice versa. Examine your individual needs, then choose the degree of protection that you feel will be most beneficial to you.

6. Payments are guaranteed to arrive on time.

Because this is frequently a Money Back plan, you will be paid regularly. Payouts are made at predetermined periods. They aid you with your money management and persuade you that they are beneficial.

Conclusion

The Exide Life My Money Back Plan, as you can see from the points listed above, is jam-packed with features. As a result, purchasing a return life insurance policy for this is a good option. 

You may also receive convenient payments from time to time. It is advised that you create a strategy after checking the Exide Life My Money Back Plan brochure to protect the financial security of you and your family.

Also Read:

Understanding The Working Of A Money Back Plan

How Is Money Back Different From Term Life Insurance?

Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive and should research further or consult an expert in this regard.