Documents Needed For Money-Back Policy
Published On Feb 12, 2022
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A money-back insurance is a type of plan in which the policyholder receives a proportion of the sum assured at regular intervals throughout the policy term instead of a lump sum payout at the end. It functions similarly to an endowment plan, but with the extra advantage of liquidity. Money Back insurance payouts are referred to as survivor benefits. These payments, as well as a maturity benefit at the policy's end, are made at regular intervals during the insurance period. As a result, money return policies have become increasingly popular across all insurance products. To acquire a Money Back Policy, individuals must submit proper documentation.
Documents Required When Purchasing a Money Back Policy
A list of documents that are frequently requested when acquiring a Money Back Policy is as follows:
1. Identity Verification
It's the first and most crucial proof you'll need to get a money-back promise. Identification proofs include the Aadhar Card, Pan Card, Driver's License, Passport, and Identity Card. In some cases, however, an authorized signature on an official document with an attached photograph is required.
2. Income Documentation
This is the final and most important document that must be provided along with other documents in order to obtain a Money-Back Guarantee. This is the document that assures the insurer that you will be able to pay your premiums on time for the life of the policy. When estimating the amount of money you can get back if you have a Money Back policy, income documents are quite significant.
3. Age Verification
In order to assess your eligibility, most insurers will also request a document as proof of age. Any document that contains your birth date and year can be used as proof of age. In addition to the previously mentioned ID proofs, you can submit your birth certificate, school and college migration certificate, or departure certificate as an Age-proof.
4. Address Proof
This is an important document to have when purchasing a Money Back Policy. It was important to provide official documentation of your permanent address. You can do this with your PAN card, passport, driver's licence, voter's ID, or any other equivalent document. Telephone, gas, and electricity bills, as well as bank statements and ration cards, can also be sent.
If you wish to contribute to a financially secure future for yourself and your family, a Money Back Plan is one of the best options. Furthermore, it allows for monthly payouts throughout the insurance period, allowing you to meet the many life milestones you may encounter. Money-back plans are insurance policies that allow you to earn more money if you take part. A money-back guarantee comes with a plethora of other benefits. Money-Back Plan is an excellent choice for policyholders who want both safety and financial security in one package. These policyholders can purchase the plan using the above-mentioned documentation.
Also Read; How Does The Money Back Policy Work?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.