What are the Eligibility Criteria to Purchase a Money-Back Plan?
Published On Aug 02, 2021 1:30 PM By InsuranceDekho
Table of Contents
Money-back is a life insurance cum investment plan that offers regular payouts, benefits like survival, death, and maturity. It is advised to first learn and consider different plans before you invest in one. People who have short-term goals and need money regularly to fulfill their goals in life opt for this policy. A few people who invest in stocks also opt for this plan to keep at least a part of their savings secure.
For every plan, there are eligibility criteria. You can invest in the plan only if all the necessities in the criteria are met. For money back too, there are some necessities for buying or investing in it. The life assured must be able to provide proof for all the necessary aspects. A few aspects are age, the surety that the life assured can pay the whole sum assured by the policy guidelines.
Eligibility Criteria to Purchase a Money Back Plan
To be able to buy a money-back plan, the buyer must be above the minimum age and below the maximum age mentioned in the policy. They must be able to provide proof for every aspect. They must make sure that they can surely pay the sum assured by the guidelines of the policy.
There are many money-back plans offered by different insurers. Each plan has its own age limits for you to buy a money-back plan. Some insurers and their age limits are listed below -
HDFC MoneyBack Credit Card: If the buyer is a native Indian and works as an employee and receives a regular salary, the minimum age is 21 years and the maximum age is 60 years. If the buyer is self-employed, the minimum age for them to start is 21 years but the maximum age is 65 years.
LIC MoneyBack Plan: The minimum age of life assured required to buy this plan is 13 years. The maximum age of the buyer can be 50 years.
There are many insurers that offer money-back plans and each plan offers a different limit for minimum income. Some of these insurers and their limits are listed below.
- HDFC MoneyBack Credit Card: For an employee, the income must be above Rs 25,000 per month. For a self-employed buyer, the ITR must be greater than Rs 6 lakh per annum.
- LIC MoneyBack Plan: The minimum basic sum assured is Rs 1 lakh for the buyer and the maximum is not defined. However, the term is 20 years and the maximum maturity age of the buyer is 70 years.
Some Required Documents to Buy a Money Back plan
There are a few documents that must be provided by the life assured to the insurer in order to prove a few aspects. Only by providing these documents can you buy a money-back plan.
Some basic documents that must be provided are -
- Age proof document.
- Address proof document.
- A duly filled-in application form.
- If applicable, medical documents.
To buy a money-back plan, there are different options to compare and choose from. Choosing the right plan is an important thing to do. One aspect you must consider before investing is the eligibility criteria. Different insurers offer different criteria. These criteria consist of age, income, maturity age, sum assured, etc.
Differences between Money Back Plan and Endowment Plan
Tax Benefits In Money Back Insurance Plans
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.