Moneyback Policy

A Money back policy offers survival benefit to those policyholders whose policy gets over with defined insurance period. This is the best option of buying policy for those people who look for receiving money back apart from insurance. This means such kind of policies include both investment as well as insurance aspects inbuilt in them.

In moneyback policy, the amount which the insurer starts getting back from the insurance company is known as survival benefit. As the name suggests, this comes like a prize for insurers who are alive and have completed their policy period.

Who should buy Money Back Policy

In case you have a conservative approach towards buying life insurance policies and do wish to opt in to get benefit out of your investments made towards life insurance policy, this plan is best suitable for you. You start getting reguar payouts till your lifetime as a reward from the insurance company.

Companies offering Money back policies

  • LIC – Money back policy
  • SBI Life – Smart Money back Gold
  • Bajaj Allianz – Cash Assure
  • HDFC Life – Super Income Plan
  • Aegon Life -Regular Moneyback Plan

Popular Money Back Plans in India

  • LIC Money Back Policy for Children – It is a type of Child Plan with 25 years of policy tenure. You can buy this plan for your child planning. Minimum sum assured of this plan is INR 1 lac.
  • Bajaj Allianz Cash Assure – This plan offers liquidity to the policyholders as regular payouts. There are 4 policy terms available under this plan  – 16, 20, 24 and 28 years. The maximum sum assured under this plan is INR 1 Lac
  • Reliance Super Money Back Plan – The money back amount is paid in each of the 5 years till the policy gets matured. The best part is the policy period is double the premium paying term.