By | 08/12/2016

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Imagine you are working without any returns, can lead you nowhere. Not to worry, the money back policy is here to stay forever. During the untimely death of the policyholder/breadwinner in the family, entire amount mentioned in the sum assured section will be going to the nominee, irrespective of the various benefits, your family has received.

Suitability Of  The Money Back Policy:

Money back policy is way ahead of other policies in terms of protection. Ideal for middle class, lower middle class, poor families and ideal for people willing to have an insurance plan and maintain liquidity through out.  To be honest, the money back policy is ideal for one’s hard earned money.

Positive Aspects of Money Back Policy:

Some of the positive aspects of the money back policies are as under:

Reap Fruit Of Labour After Some Years:  Unique fact about the money back policy is that the returns accumulate after some year’s investment done by the policyholder. Insurance companies offer benefits in two formats namely

  • First Stage: Payment of first and last payout periods are equally spread over the entire policy For example: If a person takes up policy of 10 years, then benefits will be received every four years.
  • Second Stage: Final payout will be larger than previous payouts and survival benefits. Policyholders must note that survival benefits are offered to them only if the insured person is alive.

Worth Of Money Increases: With the help of the money back policy, the value of the money has increased considerably. Money back policies combine investments and savings.

Tremendous Flexibility:  Most of the policyholders will be offered tremendous flexibility in money back policy. It gives peace of mind and boosts confidence of the policyholder.

Supreme Coverage: Core objective of the money back policy is offering life cover for long duration.

Fine Execution:  Major aspect of the money back policy is plans like the children’s marriage; education, higher studies, purchase of car, house, setting up own company, can be executed in a good manner.

Provides Huge Amount:  Ideal for people living in cities and town, want to have huge amount will go for money back policy. Salaried executives, professionals like lawyers, doctors can follow this policy to satisfy long term financial security.

Hence money back policies are the major component of any person’s financial investment. Money back policies are here to stay in India for ever.

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