Eligibility Criteria for Purchasing Money Back Plans

When it comes to investing money and save for the future while simultaneously getting financial support to fulfill your short-term goals or pre-planned goals, money-back plans are widely suggested. These plans come with various benefits and offer the best of both insurance and savings. They have a decent life cover and offer benefits like the survival benefit, the maturity benefit, the death benefit, tax benefits, and an option to choose from various additional riders that help you to cover different areas of your life. The best benefit or advantage offered by the money-back plans is liquidity. Money-back plans pay out regularly and provide protection to your life and help the family of the life assured financially not only when they are around but also when they, unfortunately, pass away. 

Before you invest in a plan to save and grow your money, you must consider the criteria for the eligibility to buy the plan. To be able to invest in a money-back plan, there are some requirements that you must be able to fulfill. These eligibility criteria include age and income. In this plan, there are different insurance companies that provide different criteria for the eligibility to buy a money-back plan. You must choose a plan such that it can align comfortably with your income and expenses. 

Eligibility Criteria for Purchasing Money Back Plans

As we know that there are a lot of insurance companies, and each of them provides different types of plans and schemes to provide better financial aids to the customers, the eligibility criteria differ from one insurer to the other too while buying a money-back plan. Here are some insurers and their criteria -

Age

The first criteria considered in the eligibility of a customer is the age of the customer.

• In the HDFC MoneyBack Credit card, the buyer has to be a native Indian. They must work as an employee and receive regular income. The entry age must be a minimum of 21 years and it can be a maximum of 60 years. If the customer is self-employed, the maximum entry age goes up to 65 years.
• In a LIC MoneyBack plan, the buyer has to be at least 13 years old and can buy until they reach 50 years of age, legally.

Income

Another aspect considered is the Income of the customer.

• For one to buy the HDFC MoneyBack Credit Card, if the buyer is an employee, their salary must be above Rs 25,000, and if they are self-employed, the Income Tax Return must be greater than Rs. 6 Lakh per annum.
• To buy the LIC MoneyBack plan, the minimum sum assured is Rs 1 lakh and the maximum is not defined. The maximum maturity age of this is 75 years of the buyer as the term is for 20 years.

Documents

Apart from age and income, you will also have to provide the following documents to your insurer -

• Age proof
• Address proof
• An application form that is duly filled
• If any, medical documents.

Conclusion

In conclusion, there are different criteria for different insurance companies. The major criteria are age and income. You will need to provide the insurer with a few proof documents before you buy the plans.

Also read 

Need a Good Saving Plan? Buy Money Back Policy

LIC's New Money Back Plan-20 Years Explained

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.