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Steps To Buy Money Back Insurance Plans Online

Updated On Jun 28, 2021

Life is definitely unpredictable and expensive. A life insurance policy is a contract where the  insurer you buy the policy from agrees to pay a specified beneficiary a sum of money upon the death of an insured person is known as life insurance. Depending on the policy, you can claim insurance for events like terminal or critical illness. Read on to understand how you can buy a money back policy online. 

What Are The Benefits of Purchasing Money Back Insurance Plans?

Money back policies combine the benefits of an insurance policy and an investment, ensuring that the policy earns an income for the policyholder rather than simply providing a lump sum in the event of his or her death.

These plans provide a guaranteed return on investment as well as periodic payouts and insurance coverage, making them an excellent choice for individuals seeking both protection and a source of income. A money back policy provides a policyholder with a maturity benefit as well as a regular income in the form of "survival benefits" for the duration of the policy in addition to the standard life insurance provided by regular policies. It thus provides policyholders with a secure and assured return on investment, as well as the opportunity to grow their wealth through investment opportunities. 

How To Pick The Most Optimal Money Back Plan?

There are numerous money-back plans on the market. Each plan should be compared against different parameters in order to select the best one. You can consider the following points while purchasing a money back plan- 

  1. The Maximum Sum Assured

    Generally, there is no upper limit on the amount assured under money back plans. However, you should check the plan's maximum sum assured to ensure that the coverage you require is available.
  2. The Features of Coverage

    The coverage features of the plan should be examined to determine whether there are any additional built-in covers that expand the scope of the plan's coverage.
  3. The Available Riders

    When comparing money back insurance plans, make sure to look at the list of available riders as well. The best plan should allow all popular riders to be included in the cover.
  4. The Premium Cost

    When comparing money back plans, another important factor to consider is the premium rate. However, the premium rate should be compared alongside the plan's coverage.

How To Purchase A Money Back Insurance Policy Online?

The best way to purchase life insurance is online. With the advancement in technology, you can compare over hundreds of money back insurance plans that will help you to select the plan that best suits your requirements. Purchasing a policy is very easy. Different insurance companies offer different insurance plans and also have different procedures to purchase the policy. You can follow the given steps to purchase a money back insurance plan online- 

  1. Visit the official website of the insurance company. 
  2. Select the life insurance category. 
  3. Click on the tab that indicates “buy” or “purchase” a new policy. 
  4. Select the type of policy that you want to purchase and select the riders that you need. 
  5. You will be required to provide your details along with certain documents. 
  6. After providing all the necessary information, you will be given a quote. 
  7. Pay the premium of your insurance policy. 
  8. You will receive a confirmation of payment on screen indicating the successful purchase of the money back insurance policy.  
  9. The policy documents will be sent to your email ID which you can download. 

What Are The Documents Required To Purchase Money Back Policy?

The following documents are required to apply for a money-back policy:

  1. Document of age proof
  2. Document serving as proof of address.
  3. The application form that has been duly completed.
  4. Reports on medical conditions (if applicable).

Take Away

Investing in an insurance plan is a great way to save yourself from critical financial liabilities that are inevitable to face in life. Make sure to read the policy documents and select the insurance plan that is most optimal for you. 

Must Read: Mutual Funds vs. Money Back Plans

Money Back Policy Is The Ideal Investment Option

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.

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