Money Back Insurance Policy: A fixed amount is available as a bonus in the policy. Also, maturity amount is also available on completion of the policy term
Money Back Insurance Policy: Money Back Insurance Policy is better for those who like liquidity. This policy gets a fixed amount as a bonus on continuous deposit of fixed premiums. Also, the maturity amount is available on the completion of the policy term. Risk cover is also attached throughout the tenure.
If the term of a policy is 20 years, then the bonus is received in the 5th, 10th and 15th year. Various options of insurance are provided in a money bank policy, which are as per the demand of the customer. In this, bonuses are available at a fixed interval, which is in a fixed proportion to the total sum assured.
• Various options of insurance are provided in money bank policy, which are according to the demand of the customer.
• In this, bonuses are available at a fixed interval, which is in a fixed proportion to the total sum assured.
• It gives a return of 5 to 6 percent. But if you come out of it in the middle, you have to pay more.
• Tax relief under section 80C is available if the risk coverage is 10 times or more of the annual premium.
• If the policyholder survives within the term, he/she gets the total amount deposited (including returns and bonus) at the end, but dies during this period, then his/her family receives the entire amount without any deduction.
• In this the bonus is based on the total sum assured. Also, its premium is higher as compared to other policies.