Money Back Policy

Guaranteed Returns on Investments

A money back policy allows you to generate assured returns throughout the policy tenure.

Additional Bonus Benefits

Many policies offer enhanced returns through bonuses when you pay premiums over several years.

Tax Benefits

These policies offer tax benefits under Section 80C² and Section 10(10D)² of the Income Tax Act.

Provides Financial Security

It secures the financial future of your loved ones when you cannot provide for them.

Savings for a Specific Goal

It allows you to plan out your finances in advance and helps you to achieve specific objectives

Provides Life Insurance Cover

Apart from its investment benefits, it also provides life insurance cover to the policyholders.

Offers Sum Assured

It provides the beneficiaries a fixed sum assured which is payable in multiple pay-outs at regular intervals.

Provides Liquidity with Regular Pay-outs

The sum assured chosen by the policyholder is paid out in regular intervals throughout the policy tenure which provides liquidity to the policyholder.

Comes With a Low-Profile Risk Instrument

The risk factor associated with this type of investment is considerably low as it is not market-linked and the returns are guaranteed.

The age of the individual should be a minimum of 18 years and a maximum age of 55 to 65 years. Usually, the age bracket varies from insurer to insurer.

The individual should also have a stable income flow and must be capable of paying the insurance premium on time.

The policy term can be anywhere from 10 years to 25 years, but it cannot go beyond the maximum permitted age.

Age proof: Any one of the following can act as an age proof- PAN card, voter ID card, passport, Aadhaar card, driving licence

Address proof: Any one of the following can act as an address proof: Voter card, passport, Aadhaar card, driving licence, ration card or any utility bills

Income proof

Medical reports or certificates, doctor’s prescription

Policy application form carefully filled

Waiver of Premium

It allows the policyholder the facility to waive off their premium payment under several circumstances.

Accidental Death Rider

In case of an accidental death of a policyholder, this rider provides a death benefit to the policyholder's beneficiaries.

Terminal Illness Rider

This rider enables the policyholder with assured cash if he or she is diagnosed with a terminal illness such as heart attack, stroke, kidney failure etc.

Hospitalisation Rider

It provides the policyholder financial assistance when he or she is hospitalised and provides cover for eligible treatments.

Accelerated Sum Assured

If the Life Assured, or if more than one Life Assured the first to become critically ill of the Lives Assured, becomes critically ill by suffering one of the illnesses defined , a sum as specified in the Policy Schedule shall be payable.

Critical Illness Rider

A critical illness rider financially empowers you to get the best possible treatment without worrying about costs, in case the Life Assured is diagnosed with a Critical Illness.

Financial Goals

The first and foremost thing to consider is your financial goals. This can include goals like buying a house, planning an expensive vacation, funding children's education, etc. Based on your medium and long-term financial goals, you can choose the most appropriate plan.

Coverage

Based on certain factors like the standard of living of your family, living expenses, your contribution to the total family income, etc., you should determine the sum assured amount. This amount has to be enough to cover your family’s immediate and long-term needs.

Policy Term

It is important to read the terms and conditions of a money back policy before finalising the same. There can be various exclusions in the policy which are not displayed at the forefront while advertising. It is best to read through all the terms and conditions to know the consequences of various situations you may face.

Premium Amount

It is also another crucial factor to consider and you must choose the amount of premium in such a way that it does not feel like a financial burden to you.

Riders

Some of your insurance requirements may not be covered in the base policy such as critical illness coverage, accidental death cover, etc. Therefore, choose riders wisely over the base policy based on your financial needs and affordability.

Company's Claim Settlement Ratio

Consider checking the claim settlement ratio of the insurance company. It is a figure denoted in percentage which reflects how many claims it has settled out of 100. Hence, the higher it is the more the chances for the policyholder that the claim will be settled.

Understand the Features

Make sure that you understand all the features of the policy properly. In case you find any difficulties, you can reach out to our advisors by requesting a call back from our website. They will explain to you the details and resolve your queries.

Premiums

You must choose the amount of premium in such a way that it does not feel like a financial burden. Also, many insurers offer the flexibility of multiple premium payment options like monthly, quarterly, semi-annually or annually. Make sure to pick a plan that provides the best value for your premium.

Evaluate the Returns

After finalising the sum assured and choosing the premium amount, determine the returns you will receive as money back. You can reach out to our advisors by requesting a call back from our website.  Knowing these beforehand can help you make an informed decision.

Check the Exclusions

It is always recommended to check for the exclusions of a policy as some companies do not explain such things upfront while promoting their insurance products. There can be several exclusions in the base policy but you can opt for a rider to get additional benefits.

Financial Goals

It is extremely important to consider your financial goals and objectives before availing of a money back policy. Identify the objective and choose the policy based on it.

Sum Assured

It is an amount which is paid to the family member or beneficiaries of the policyholder in the event of the unfortunate demise of the policyholder. Hence, it is one of the crucial aspects to consider when choosing a money back plan.

Additional Benefits

There can be some additional benefits like bonuses and other perks which makes it a lucrative deal for the policyholder. Hence consider what riders you are allowed to add to your base policy.