How To Get A Money - back Policy?
Updated On Jun 21, 2022
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In a nutshell, Money- back plans are amounts that will receive benefits till a certain period and then give out benefits and payouts at regular intervals along with survival and death benefits. It also takes care of the family in cases when the premium payer dies before the entire premium is paid by him/her so can act as a boon if chosen wisely.
How To Get A Money - Back Policy?
Money- back policies are offered by a number of banks / companies and they can be bought either by visiting their authentic offices / calling their employees or even online in case you use net banking of the same bank already.
But before getting the policy there are some points that are necessary to be understood.
How To Choose A Money Back Policy?
In order to choose a money-back plan, individuals should look at the tenure of the policy. The average tenure is around 20 years.Money-back policies pay survival benefits to the policyholders which are paid to them in installments at regular intervals.
The type of investments available should be thoroughly checked by the person who wants to get the policy and should verify the duration of the pay-outs being made as survival benefits. Policyholders should also check for the tax benefits since some plans do not offer a tax benefit if 20% of the Sum Assured is being provided as Survival Benefit.
Eligibility Criteria For Money Back Policy
Prospective policyholders are also required to fulfill some criteria to ger qualified to buy a money-back policy. The eligibility criteria are broadly listed below:
- The policyholder should be above the minimum entry age and below the maximum entry age (varies from policy to policy).
- Policyholder should be able to pay the Sum Assured as per the policy guidelines.
Documents Required For Money Back Policy:
The documents required to apply for a money back policy are listed below:
- ID Proof
- Proof of age
- Proof of address
- Duly filled application form
- Medical reports (if applicable)
Conclusion
Conclusion
It is highly essential to invest money in the right way and money-back policies are the best way to secure your savings today and also insure the future of the insurer and his family. In the above-mentioned ways the money -back plans can prove to be helpful and gives us many reasons for us to take up money-back policies.
