Money Back Policy is similar to an endowment plan, except that it provides the policyholder with a percentage of the sum assured at regular intervals during the term of the policy. If a person outlives its policy, it will get the remaining amount along with the accrued bonus. In case of death of the life assured during the policy term, the company pays the entire sum assured to the nominee, irrespective of the number of instalments paid out.
This policy is one of the most popular life insurance in India. They are expensive insurance options because they provide returns to the insured during the tenure of the policy. The positive factor about this insurance is that it provides a way for the individual to plan out the course of its life with a sum, which is expected at regular intervals.
The benefits of Money Back Policy are:
