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A Money Back Plan has both the insurance and investment component. With investment component, the life insured receives a specific percentage of the sum assured at regular intervals in terms of money backs or Survival benefits, if the insured is alive. In case of survival till end of the policy term, the remaining sum assured is paid as the Maturity Benefit. With insurance component, in case of the demise of the insured during the policy term, the entire sum assured is paid as the death benefit to the nominee and the policy gets terminated. It is a type of endowment plan with the benefit of liquidity and is best for those who want to get back money from an insurance plan in periodic installments.Get Affordable Quotes
Following are the top reasons to buy a money back insurance plan.
Following are the factors that help calculate the premium amount for a money back policy.
Following are the rider options to attach to your money back insurance policy.
This rider provides extra financial benefits to the nominee in case of death of the insured arising from an accident. The insurer pays the accidental death sum assured to the nominee, which is over & above the base sum assured of the policy.
This rider provides the death benefit to the nominee, which is additional to the base policy sum assured in the event of death of the life insured.
This optional rider covers the medical costs incurred due to severe illnesses such as a Heart attack, Cancer, and Major organ transplant, which may disable an individual that result in loss of earnings. Typically, the covered provided under this rider is the sum assured and paid additional to the sum assured in the base policy. The benefit under this rider is paid upon diagnosis of the illness.
This rider waives off all the future premiums in the event of death or disability of the life insured. The policy continues till its maturity. It enables the policyholder to enjoy benefits of the insurance policy, even when they cannot work.
By choosing this rider, the assigned nominee/family of the life insured is provided with the monthly income apart from the lump sum payout they get upon the death of the insured. The payout and other benefits are subject to the terms mentioned under the rider benefits.
This rider provides monthly income to the life insured in case of permanent or temporary total or partial disability arising due to an accident or illness. The payout differs and it depends on the kind of disability occurred.Select from Top Insurer's
Your money back life insurance plan has the following exclusion.
When occurred within 12 months, from the date of commencement of the policy, the nominee is entitled to receive 80% of the premiums paid only when the policy is in-force.When occurred within 12 months, from the date of revival of the policy, the nominee is entitled to receive an amount which is higher of surrender value (on the date of death) or 80% of the premiums paid.