Welcome to the Fastread, here today we cover these topic in this article Money Back Insurance Plan, What is insurance money back plan, Are money back insurance plans good, What are the benefits of money back plan, money back policy example, features of money back life insurance policy
Friends, in this article of ours today, we are going to tell you about another type of life insurance plan. This life insurance plan is called money back insurance plan. So let’s know friends what is money back plan and what are the benefits you get in it.
If you do not have much information about life insurance, then you should read our article first in which we have told what is life insurance? How does he protect your family members? How does life insurance secure the future of you and your children? You will find all this information there.
What is Money Back Plan
The only difference between money back plan and endowment plan is that in money back plan, you can get back a part of the return during the payment period. In this, some part is returned to the insurance holder from time to time according to the policy period.
If you die, then the full payment of the insurance amount is made to you by the insurance company. Apart from this, bonus is also given to your family members in the insurance amount received after your death.
With all these extra features, the premium of money back plan is higher than the premium of all normal life insurance plans available online.
Why should you buy Money Back Policy?
Friends money back insurance policy is the best plan for those people who want to invest insurance base. Those who want that later they can also get some returns on this, if you are afraid of direct investment then you can take this plan.
In this money back plan, along with tax benefits on the insurance amount, you also get life insurance cover. If you are a youth then you must take this plan because in future it can fulfill many of your financial needs.
If you invest in money back plan then you can get regular return in future. Like you want to buy a house, want to marry children, for any medical emergency, or you can also get it as a loan.
Here let us tell you that as we have told you earlier that there is only one difference between money back plan and endowment plan. One more thing is that there is less risk in money back plan, due to which the policy holder does not have tension of his money.
Therefore, people who do not want to take high risk on their money can also take money back plan. Because in the money back policy, the policy holder is guaranteed, that they will get a fixed return on their money. Which you can use for future or for financial planning.
Read more Money Back Insurance Plan
How does Money Back Policy work?
Whenever you buy a money back policy, you will definitely be told for how much time you will have to pay. Some policies in money back policy are such in which you have to pay for the entire time period.
At the same time, there are some such policies in which you have to pay premium only for a limit of years. All your premium amount will be invested in a secure place, apart from this some rupees are used as administrative fees and taxes.
Once you start making premium payment of money back policy, after that you will continue to receive a fixed percentage of the insurance amount at regular intervals. This will continue till you keep paying the premium amount. Or else you stop paying premium after the specified time.
Some of these policy plans provide you cash payment after 5 years. There are some such policy plans which start paying you from the last years. Apart from this, when your plan reaches maturity or the policy holder dies before maturity. If any one of the two incidents happens, you will get profit regularly.
If the money back amount is paid before the death of the policy holder, then it does not in any way affect the guarantee amount in the form of death benefits. Apart from all this, you can add a rider to your money back plan to increase your security level and get high death benefits or maturity benefits.
If you want to add a rider to your money back plan policy, then you will have to pay a separate premium for this. In which maturity benefits, bonus earned along with the insurance amount are given to the policy holder. Read more Money Back Insurance Plan
Features and Benefits of Money Back Policy
Friends, if you buy a money back life insurance policy, then in this you are provided with the necessary life cover with a guarantee return on survival. This policy is very good for all those people who are such people in their family who earn and whose earnings cover the expenses of the house.
Such people should take some one life insurance plan or the other, so that after their death, their family members do not have much financial problem. Money back policy is a good insurance plan for all those people who want to provide financial help to their family after their unfortunate death.
Money back policy is also a good source for income, because from this the family gets financial help for a long time. Therefore, if you do not want your family members to have financial problems after your death, then you should take this policy. Read more Money Back Insurance Plan
Death Benefits:
If the policy holder dies, then the nominee gets the money of the policy. Death profit amount and insurance amount are equal and the insurance amount is fixed by the policy holder while purchasing the policy. If the policy holder has received extra earn bonus, then that bonus amount is also given to the nominee.
Maturity Benefits:
If the policy holder survives till the maturity of the policy taken, then that policy holder will get maturity benefits. In this, t maturity benefits are equal to the percentage of the insurance amount chosen by the insured. Apart from this, if any bonus amount is received during the policy period, that bonus amount is also added to maturity benefits.
Survival Benefits:
Survival amount is the amount that an insured gets on his living and healthy condition. This survival amount is the amount that the insured has to pay a certain percentage of his fixed insurance amount. During the policy period itself, the insurance company pays the customer all the amount in fixed installments. These installments can be used by a person for many things in his life, such as getting married, studying, or getting a new house. If the policy holder dies during the policy period, then the survival benefit payment is stopped. If death benefits and bonuses are added to the insurance policy for him, then that payment is given to his family and the policy is terminated. Read more Money Back Insurance Plan
Bonus:
Many money back policy with Reversion bonus option is available in the market today. Reversion bonus is that bonus which is declared every year by the insurance company at the end of the year. This reversion bonus is equal to a fixed percentage of your insurance policy. Reversion bonus is either simple or compound, bonus is calculated with insurance amount. This is the reason that the bonus amount increases with time, apart from this money back policy also provides terminal bonus. This terminal bonus is given on the basis of on-time and regular premium payment of the policy holder. This terminal bonus is paid with maturity benefits or death benefits. This terminal bonus is not fixed that how much terminal bonus you will get on your policy. This terminal bonus is entirely at the discretion of the insurance company.