Benefits Of Money Back Policy - ICICI Prudential Life Insurance
Updated On Jul 05, 2022
Table of Contents
A money back policy is a type of life insurance product that provides the dual benefit of investment and protection. With a money back policy, you can receive returns at regular intervals during the policy term. A money back policy also provides a life cover that keeps your loved ones financially protected in case of an unfortunate event.
Benefits Of A Money Back Policy
Accumulated returns:
Once the policy term ends, you receive a guaranteed amount as maturity benefit. This can be used to fulfil your financial goals like buying a house, child’s education, retirement goals, and much more
Added bonus:
You receive higher returns in the form of bonuses, such as a reversionary bonus, or terminal bonus that are added to your policy over time
Secondary source of income:
A money back policy offers a regular income. You start receiving this income either monthly or yearly, right after your premium payment term ends. It offers a continuous stream of money at regular intervals which can act as a secondary source of income
Life cover:
Along with the investment, the life cover offered in the plan provides financial security to your loved ones in case of an unfavourable event
Tax benefits:
A money back policy is primarily a life insurance plan. Hence, the premium paid is tax-exempt~ up to ₹ 1.5 lakh annually under Section 80C of the Income Tax Act of 1961. The benefits received are also tax-free~ under Section 10(10D) of the Income Tax Act of 1961
Conclusion
If you want to secure your family’s future through life cover along with the benefit of savings, get yourself covered with ICICI Money back. This will help in various ways which is stated above.
