Money Back Plans
WHAT DOES MONEY BACK PLAN MEANS?
In a money back plan, the insured person gets a percentage of sum assured at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity.
Death benefit: On death during the policy term provided the policy is in full force, death benefit, defined as sum of “Sum Assured on Death” and vested Simple Bonuses and Final Additional Bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
The premiums mentioned above exclude tax, extra premium and rider premium, if any.
Survival Benefits: In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Bonuses and Final Additional Bonus, if any, shall be payable.
Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Bonuses declared as per the experience of the Corporation, provided the policy is in full force. Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.
- Risk Coverage: 125% of Basic Sum Assured
- Liquidity: At different stages of basic Sum Assured in 5th, 10th & 15th policy year.
- Maturity Benefit: 40% of Basic Sum assured + Bonuses after 20 years
- Limited Payment term: 15 years only.
- Accidental Death & Disability Benefit Rider available
- Eligibility: 13 to 50 years
- Loan Facility : Available