What is the Maturity Amount of Money Back Plans?

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. 

• BSLI Vision Money Back Plus Plan

Policy Tenure of 20, 24, and 25 Years. Minimum Maturity Amount of Rs. 1,00,000

• Bajaj Allianz Cash Assure

Policy Tenure of 16,20, 24, and 28 Years. Minimum Maturity Amount of Rs. 1,00,000

• HDFC Life Super Income Plan

Policy Tenure of 16-27 Years. Minimum Maturity Amount of Rs. 1,28,377.

• ICICI PRU Cash Advantage

Policy Tenure of 15, 17, or 20 Years. Minimum Maturity Amount of Rs. 1,00,000.

• IndiaFirst Cash Back Plan

Policy Tenure of 9, 12, and 15 Years. Minimum Maturity Amount of Rs. 50,000.

• 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. 

• 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.

• 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. 

• 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

Are Money Back Plans Good?

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.