What is the Maturity Amount of Money Back Plans?
Published On Jul 13, 2021 6:30 PM By InsuranceDekho
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It seems that everything is on track until something happens that turns everything upside down. The worst are situations of a Financial Crisis. Emergency expenses are required to be met and the Money Back Plan provides Financial support to you and your family. In a Money Back Plan, you pay the Premiums to build the value of the Sum Assured, and at the same time, it offers you a Percentage of the Sum Assured at Fixed intervals during the Policy Term.
What is the Maturity Amount of Money Back Plans?
It becomes important to discuss what is the value of the Maturity Amount which is paid out. The reason for this is because the Maturity Amount is the major part of a Policy Plan. This value is much higher than the value of the Survival Benefits. Another reason to know about the Maturity Amount Value is to calculate the Premium Amount as well. The equation is simple: the higher the Maturity Amount means higher the Value of the Premium.
So, In this Article We will focus on the Maturity Amount paid by Money Back Plans and We have prepared a list of 5 Best Money Back Plans which are available in the market and the Maturity Amount that they offer.
5 Best Money Back Plans
There are many Best Money Back Plans among which you can opt for your bright future. Following are some of the Best Money Back Plans.
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BSLI Vision Money Back Plus Plan
Policy Tenure of 20, 24, and 25 Years. Minimum Maturity Amount of Rs. 1,00,000
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Bajaj Allianz Cash Assure
Policy Tenure of 16,20, 24, and 28 Years. Minimum Maturity Amount of Rs. 1,00,000
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HDFC Life Super Income Plan
Policy Tenure of 16-27 Years. Minimum Maturity Amount of Rs. 1,28,377.
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ICICI PRU Cash Advantage
Policy Tenure of 15, 17, or 20 Years. Minimum Maturity Amount of Rs. 1,00,000.
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IndiaFirst Cash Back Plan
Policy Tenure of 9, 12, and 15 Years. Minimum Maturity Amount of Rs. 50,000.
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PNB Metlife Money Back Plan
Policy Tenure of 10 Years. Minimum Maturity Amount of Rs. 2,50,000.
Money Back Plan Benefits
There are certain Benefits which you as a policyholder can avail after purchasing a Money Back Plan.
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Survival Benefit
The Survival Benefit is a Small Percentage of the Sum Assured that is paid at Fixed Intervals during the Policy Term. These Amounts work as regular income so that if any emergency arises then you will have sufficient backup.
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Death Benefit
The Money Back Plan provides financial support even in the absence of the insured person. In case the insured dies in between the policy term then the Sum Assured is paid as the Death Benefit to the Nominee of the Insured.
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Maturity Benefit
This is the final value that is paid out to the insured at the end of the Policy Term. The Maturity Amount or also known as the Maturity Benefit also includes any Bonuses that are accumulated over the Policy Years.
Conclusion
The Maturity Amount plays a major role while choosing an Insurance Policy. In the case of Money Back Plans they play an important role because the value of the Maturity Amount decides the value of the Premium that you have to pay and also the Survival Benefits are a percentage of the Maturity Amount. So, the more the Maturity Amount the more the Survival Benefits.
Also read
Money Back Policy - Features, Benefits & More
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.