Money Back Plans: Details, Features, Eligibility, Advantages etc.
Updated On Nov 18, 2021
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One of the primary reasons for purchasing a money back insurance is that it provides monthly pay-outs, assuring a continuous stream of income that helps policyholders meet costs at various periods of life during the policy's tenure. Money back plans combine insurance and investment into one package, making them the ideal choice for those seeking a secure and guaranteed return on investment as well as the possibility to grow their savings through investing alternatives. One of the most important things to understand about a money back insurance is that if the policyholder dies before the policy matures, the death benefit and the policy term are transferred to the nominee.
Money-Back Guarantee Features
The following are some of the most important characteristics of money-back policies:
- Money back plans have proven to be a low-risk investment choice as well as an insurance coverage solution.
- As 'Survival Benefits,' money back insurance provides a steady stream of income throughout the duration of the policy.
- In the case of the policyholder's untimely death during the policy term, money back plans pay the whole sum promised to the nominee, even if the survivor benefits have already been paid.
Benefits of a Money-Back Guarantee
The following are some of the primary advantages of money-back policies:
- Provides insurance coverage for the duration of the policy.
- Benefits are paid on a regular basis during the period.
- Serves as both an insurance policy and a profitable long-term investment.
- Allows for long-term savings and consistent income.
- Regular disbursement of funds is guaranteed.
- Even after the maturity date and the last surviving period have gone, many money back policies increase death payments until the life covered reaches the age of 100 years.
- Add-on riders, such as specific diseases, catastrophic illnesses, impairments, and so on, are available.
Eligibility Criteria for Buying Money Back Policy
The eligibility criteria to buy a money back plan is:
One must meet the entry age criteria as mentioned within the policy wordings before purchase. One can’t extend the policy beyond the utmost age allowed under the money back plan. One must adhere to the plan’s premium payment term and mode.
Documents Required for Purchasing Money Back Policy
Mentioned below are the documents required for purchasing a a refund plan:
- Income proof - Salary slips, tax returns, statements, etc.
- Address proof - driver's license, Aadhaar card, voter’s id, passport, etc.
- Id proof- PAN card, Aadhaar card, voter’s id, etc.
- Age proof- Aadhaar card, voter’s id, passport, driver's license, etc.
Now that you simply are aware of the key things to require into consideration before you select your money-back policy, make sure you finish up making the proper choice of a money-back plan. If in need of assistance in choosing the simplest money-back policy, go ahead and obtain in-tuned with experts without giving a reconsideration.
You may also like to read - Things To Consider Prior The Purchase Of A Money Back Plan
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.