MONEY BACK POLICY plan is an excellent plan with good return on reinvestment, best suited for businessmen and professionals. Money is available at regular intervals in future to meet the specific expenses such as children's education or marriage. At the same time, the policy provides insurance protection for the family as well as old age provision.
Salient Features
Salient Features
- A policy where lump sum amounts are paid to the life assured at periodic intervals on survival.
- In case of death of the life assured within the term, the total sum insured is paid to the nominee, irrespective of earlier survival benefits.
- Bonus is payable under this scheme.
- Premiums are to be paid regularly to get survival benefits.
- Premiums cease at death or on expiry of term whichever is earlier.
- This plan can be availed of for terms 20 or 25 years .
Benefits
- On Death:
- Full sum assured is payable at death of the life assured within the term, without any deduction of earlier survival benefits. (e.g. for example, suppose a person takes a Rs.1,00,000/- policy for 20 years. At the end of the 5th and 10th year he receives Rs.20,000/- each as survival benefit. If he happens to die in the 12h year, the nominee of the life assured will receive full Rs.1,00,000/-, irrespective of the earlier benefits of Rs.40,000/-)
- On Survival:
TermAt the end ofAmount of money backFor Example, on a Rs. 1,00,000 policy20 years 5thyear20% of sum assuredRs.20,000/-10thyear20% of sum assuredRs.20,000/-15thyear20% of sum assuredRs.20,000/-20thyear40% of sum assuredRs.40,000/-25 years 5thyear15% of sum assuredRs.15,000/-10thyear15% of sum assuredRs.15,000/-15thyear15% of sum assuredRs.15,000/-20thyear15% of sum assuredRs.15,000/-25thyear40% of sum assuredRs.40,000/-
- Minimum sum assured : Rs.40,000/-
- Minimum premium must be Rs.800/- p.a.
- Minimum age at entry : 13 years
- Maximum age at entry :
- 20 years of policy : 50 years
- 25 years of policy : 45 years
- Maximum maturity age : 70 years
- Bonus additions to the policy are calculated for full sum assured. They are payable only along with final maturity benefit on date of maturity or on death, whichever is earlier.
- No loan will be granted under these policies.
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