What You Should Know About the Vision Money-Back Plan
Published On Mar 14, 2022 10:15 AM By InsuranceDekho
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Aditya Birla is a philanthropist and businessman. Sun Life Insurance (ABSLIVision )'s MoneyBack Plus Plan is a traditional participation plan that pays out lump sums to the insured on a regular basis, assuring financial security. The ABSLI Vision MoneyBack Plus Plan provides the financial stability and liquidity of your family (payouts as a percentage of the sum pledged). The ABSLI Vision MoneyBack Plus Plan is a typical Money Back Insurance Plan that provides both liquidities (Monthly Money Back payouts) and life insurance coverage. As a consequence, the policyholder may simply pay his financial commitments by employing the plan's funds.
The Most Important Features of ABSLI Vision MoneyBack Plus
- You will receive a Guaranteed Return after a specific amount of time.
- Protect yourself and your family from financial risks.
- Based on your needs, choose the Policy Term and Sum Assured.
- There are several methods for determining the return period.
Benefits of the ABSLI Vision MoneyBack Plus Plan
The ABSLI Vision Money Back Plan has the following key benefits :
Guaranteed Survival Benefits
Guaranteed Survival Benefits, often known as Money Back rewards, are paid out every four or five years, depending on the policyholder's choice. The payment rate is defined by the policy term and payout frequency specified and is computed as a percentage of the Sum Assured.
The Benefits of Maturity
If the life insured survives until the conclusion of the policy term, cumulative bonuses will be paid in addition to the terminal bonus. After the maturity benefit has been paid, the insurance will be terminated.
If the life insured dies during the policy period, the death benefit payable to the nominee is the Sum Assured Death plus any accrued regular bonuses and terminal bonuses, if any. The death benefit is limited to 105% of the total premiums paid, plus any rider premiums and underwriting fees. Once the death benefit is paid, the insurance is cancelled.
Each year that the insurance is in force under the plan, simple reversionary bonuses are declared and paid. A terminal bonus may be provided if the plan dies or matures.
When the insurance has a Surrender Value, a loan can be taken out on it. The maximum loan amount is Rs.85,000. It has a minimum loan amount of Rs.5000 and a maximum loan value of 85 percent of the acquired Surrender Value.
Benefit from Taxation
Section 80C allows premiums paid under the plan to be tax-free up to Rs.1.5 lakh. The death benefit, maturity benefit, and survival benefit would all be tax-free under Section 10(10D) of the Income Tax Act.
The ABSLI Vision Money Back Plan also includes the following extras:
Riders: You may supplement your insurance coverage for a nominal price during the policy term by acquiring riders. ABSLI Accidental Death and Disability Rider, ABSLI Critical Illness Rider, ABSLI Surgical Care Rider, ABSLI Hospital Care Rider, ABSLI Premium Rider Waiver
The Aditya Birla Vision MoneyBack Plus Plan is a typical participation plan that falls into this category. It provides you with predictable liquidity to meet your financial demands as well as comprehensive life insurance in the event of an unforeseen disaster. You have the option of determining the length of your coverage, the quantity of coverage you choose, and when you want to pay your payments. Throughout the policy's term, a fixed proportion of the guaranteed sum is paid out at the end of every fourth or fifth policy.
Also Read: Avoid These Mistakes When Purchasing 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.