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26-05-2017
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AVIVA FAMILY INCOME BUILDER (AVIVAINDIA) - Aviva Family Income Builder Doubles The Premium Paid After A Period Of Time. This Is A Good Children Read More
AEGON RELIGARE TERM INSURANCE PLAN (AEGONRELIGARE) - AEGON Religare Term Insurance Plan, Which Ensures Protection For Your Loved Ones – At A Fraction Of Read More
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MoneyBack Plans & Insurance Providers Select GROUP for Insurance Plan and Details  
What Is Moneyback Plan?
Money back policies are quite similar to endowment insurance plans where the survival benefits are payable only at the end of the term period ,plus the added benefit of money back policies is that they provide for periodic payments of partial survival benefits during the term of the policy so long as the policy holder is alive.
An additional and important feature of money back policies is that in the event of death at any time during the term of the policy, the death claim comprises full sum assured without deducting any of the survival benefit amounts. The insurance premium of Money Back Policies are higher than Term Insurance Policy because in Term Insurance there is no survival benefits after the expiry of the insurance period. Money Back Policies are good for people who want to Insure their life and also want to some return from their investment's at a later date. The return from investments in Money Back Policies would range between 5% to 8% annually depending on the interest rate movements
Moneyback Or Cashback

Unlike other policies, money back policy provides you benefits whenever you will require.

There are many other life insurance policies in which you only get money after the specific period of time but after buying this policy, you obtain the chance of having full amount in the middle along with the total bonus.

If any person dies in the middle of this insurance policy then his family can claim of having insured amount. They get the chance of having full insured amount no matters period has been finished or not. With this policy, they also obtain the bonuses which they were going to obtain at the end of specific period.

India"s Money-back Policy is a superb long term plan through which you can fulfill all your needs and desires. This policy is also suitable for those investors who want to get those financial instruments on which they can easily get this policy as well as they can invest them anywhere without any worry.

Through this process, they get the opportunities to have low risk element as well as favorable returns which would boost up their several business operations. This policy is also suitable to those professional who have age of 25 or more than that.

 
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Moneyback : In Detail
In other words, the plan is meant for individuals who require money at certain intervals in their lifetime to meet fixed long and short-term financial needs (buying a house or car, vacations abroad).

Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, it provides for periodic payments of partial survival benefits during the term of the policy, of course as long as the policy holder is alive

What makes these products even more attractive , says Saxena, is that in the event of death of the policyholder at any time during the policy term, the death benefit is the full sum assured without deducting any of the survival benefit amounts, which may have already been paid as money back components. Similarly, the bonus is also calculated on the full sum assured

It creates a long-term savings opportunity with a reasonable rate of return, especially since the payout is considered exempt from tax except under specified situations

Before buying a money back plan, insurance advisors recommend that you should carefully check out the actual amount allocated towards the premium, how much of it is going to be accumulated and how much is the insurance company’s charges. The most crucial aspect, they believe , is reading the terms and conditions thoroughly and understanding each clause well.

You should make sure that the periodic payouts are sound enough to meet your anticipated needs. It is also beneficial to analyse the past performance in terms of declared bonuses. Though the past is not necessarily an indication of future performance, it gives a fair idea of the insurance company’s commitment to its policy holders.
Private Insuers money back policy provides additional optional benefits such as critical illness benefits, additional term benefit, accidental death benefit and waiver of premium benefit.

    One of the primary disadvantages, insurance advisors feel, with money back policies is its low rate of return, when compared to market-linked insurance-cum-investment products.

    Also, while on the one hand, payout intervals are fixed and helpful for crucial lifestage planning, on the other, you don’t have the flexibility to increase or decrease premiums and have a choice of sum assured to suit growing incomes and lifestyle