Life Insurance Advisor
Durga Puri Ext,New Delhi.
Balinder Kumar
RLIC Silver Club Member
098108-90701
Look At My Life Insurance Website
Services Offered
- Licensed Insurance Advisor
- Protection Plans
- Savings and Investment Plans
- Unit Linked Plans
- Child Plans
- Retirement Plans
- Health Plans
- Insurance Policy
- Medical Policy
- Tax saver
Now lets look at the Money Back Policy. How do I plan
for Money back policy
Term plans
offers only coverage and nothing is payable to the policyholder at the time of
maturity. Endowment plans offers both coverage and savings, but the
policyholder has to wait till the end of the term to get the benefit of this
plan. Therefore a new type of plan was introduced by insurance companies known
as Money Back Plan. A Money Back Policy periodically provides survival
benefits; it means that you will be paid back certain percentage of Sum Assured
at a fixed interval. The payment frequency varies from policy to policy.
These
types of policies cover the risk for the specified period. Premium of such
policies are much higher as compared to term plan and endowment plan. Death
Benefit In case the policyholder dies before the policy term, then the sum
assured and the accumulated bonuses are paid to the nominee without any
deduction or adjustment for the amount that may have been paid earlier by way
of survival benefit.
Cash Back Plans Survival Benefits In case the policyholder survives then
the following amounts are payable by the insurance company to the
policyholder: After fixed interval 15-20% of the Sum Assured (Depends on term of
the policy) At Maturity Sum Assured +
Bonus Survival Benefits already paid.