Inclusions and Exclusions in Money Back Plans
Updated On Aug 31, 2022
Table of Contents
Anybody seeking for insurance coverage, lengthy investment, and a reliable income source all in one package should consider the Money Back Plan. The benefits are distributed throughout the plan duration, as opposed to other plans, and the leftover Sum Assured amount, along with any extra perks, is provided at maturity.
Regardless of any previously paid Survival Benefits, the whole amount covered is payable to the policy's beneficiary if you pass away while the plan is still in effect. The Money Back Policy is unique from other existing proposals because of its nature.
Exclusions and Inclusions in Money Back Plan
Some of the most frequent exclusions and inclusions about which insurances do not provide coverage include the following:
1. War Incidents
The occurrences relating to conflict money back policy does not offer coverage or compensation if the policyholder passes away as a result of a war or acts linked to a war, like other insurance policies. The policy's death benefits will not apply to the applicant. This exclusion, which used to be less frequent, is now a regular one in money back insurance contracts.
2. Activity that Endangers One's Life
Due to the significant mortality risk involved in these activities, Money Back Plans don't really cover them. As a result, they are not covered. Mountain climbing, gliding, swing gliding, diving, and other comparable sports are examples of adventure activities.
3. Pre-Existing Situations
The Money Back Assurance Policy does not provide coverage for or compensation for a death brought on by a pre-existing illness. Since the moment the policyholder applied for coverage, and possibly even earlier, they have been in pain. Numerous ailments, including cancer, HIV/AIDS, and others are on the rise.
4. Criminal and Illegal Activities
The risk caused by illegal or criminal activity is not covered by Money Back Policies or any other insurance policies that you may have purchased from an insurer. Instances of criminal behavior include driving while intoxicated, using drugs, and getting hurt in a car crash while without using a seat belt.
5. Suicide
Money Back policy will not cover or compensate in the case of a suicide death. The majority of insurance policies exclude this kind of circumstance from coverage. Instead, if this happens within the initial 2 years of the policy's start date, no death benefit is given to the nominee; nevertheless, depending on the conditions and circumstances of the policy, the nominee may receive the whole amount of premiums paid up until death.
Endnote
Considering each and every exclusion contained inside the Money Back Policy. Money Back Plan is a type of insurance that provides financial security for your loved ones in the event of a catastrophe. For this reason, each buyer should thoroughly read the policy's terms and conditions in addition to the entire document before purchasing an insurance to assess what it offers and excludes.
Also read: Common Questions to Ask Before Buying Money Back Plans
