Vision Money-Back Plus: Everything You Need to Know

Aditya Birla is a businessman and philanthropist. The MoneyBack Plus Plan from Sun Life Insurance (ABSLIVision) is a classic participation plan that pays out lump amounts to the insured on a regular basis, ensuring financial security. The ABSLI Vision MoneyBack Plus Plan ensures your family's financial security and liquidity (payouts as a percentage of the sum pledged). The ABSLI Vision MoneyBack Plus Plan is a standard Money Back Insurance Plan that includes liquidities (Monthly Money Back payments) as well as life insurance coverage. As a result, the policyholder may easily fulfil his financial obligations using the plan's money.

ABSLI Vision MoneyBack Plus's Most Important Features

• After a certain period of time, you will receive a Guaranteed Return.
• Financial hazards should be avoided by you and your family.
• Choose the Policy Term and Sum Assured according on your requirements.
• The return period can be calculated in a variety of ways.

ABSLI Vision MoneyBack Plus Plan Advantages

The ABSLI Vision Money Back Plan provides the following essential advantages:

• Survival Benefits Are Guaranteed

Guaranteed Survival Benefits, often known as Money Back incentives, are paid out once every four or five years, depending on the policyholder's preference. The payment rate is determined as a percentage of the Sum Assured and is governed by the policy term and payout frequency provided.

• Advantages of Maturity

If the life insured lives until the end of the policy term, cumulative bonuses will be given on top of the terminal bonus. The insurance will be discontinued after the maturity benefit has been paid.

• Benefits Upon Death

If the life insured dies during the policy period, the nominee will receive the Sum Assured Death plus any earned regular and terminal bonuses, if any. The death benefit is set at 105 percent of the total premiums paid, plus any rider premiums and underwriting costs. The insurance is discontinued after the death benefit is paid.

• Bonus

Simple reversionary bonuses are announced and paid each year that the insurance is in place under the plan. If the plan dies or matures, a terminal bonus may be paid.

• Loan

A loan can be taken out on insurance that has a Surrender Value. The loan amount is limited to Rs.85,000. It has a loan sum of Rs.5000 as a minimum and a loan value of 85 percent of the acquired Surrender Value as a maximum.

• Advantages of Taxation

Section 80C exempts premiums paid under the plan up to Rs.1.5 lakh from tax. Section 10(10D) of the Income Tax Act provides that the death benefit, maturity benefit, and survival benefit are all tax-free.

• Advantages Added

In addition, the ABSLI Vision Money Back Plan offers the following extras:
Riders: Riders allow you to enhance your insurance coverage for a small fee during the policy term. ABSLI Premium Rider Waiver, ABSLI Accidental Death and Disability Rider, ABSLI Critical Illness Rider, ABSLI Surgical Care Rider, ABSLI Hospital Care Rider

Conclusion

The Aditya Birla Vision MoneyBack Plus Plan is an example of a typical participation plan in this category. It offers you consistent liquidity to satisfy your financial needs, as well as complete life insurance in the case of an unanticipated calamity. You may pick the period of your coverage, the amount of coverage you want, and when you want to pay your installments. Throughout the policy's duration, at the conclusion of every fourth or fifth policy, a specified part of the guaranteed money is paid out.

Do read - Factors Affecting the Premium 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.