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Key Features of a Money Back Policy
Financial Support upon Death of the Insured: If the policyholder passes away, the nominee receives the sum assured along with the bonus (if any). The policy acts as a standard insurance plan in this respect.
Advantages of Buying an Endowment Plan
Death Benefit- In the event of your untimely demise, the sum assured, along with any bonus, is paid to the nominee. This ensures your family remains financially secure even in your absence.
Why Buy Money Back Plan from Canara HSBC Life Insurance?
Canara HSBC Life Insurance is offering you a wide range of life insurance plans. You should buy money back policy from Canara HSBC Life Insurance for the following reasons:
Savings and Investment Plans from Canara HSBC Life Insurance
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Benefits of Money Back Plans
Money back policy is one of the best variants of life insurance . A money-back plan gives you guaranteed regular payouts at defined intervals. These payouts start within the policy and help you meet various needs and achieve your investment goals. Here are the advantages of this plan.
What is a Money Back Plan?
In a money-back plan, you will receive a portion of the amount assured at frequent periods, as a return on investments, rather than receiving the lump sum at maturity. If you survive the policy term, then, in that case, it becomes similar to an endowment policy but comes with the advantage of recurrent and explicit payouts.
Money Back Insurance Policy – Overview
When you invest in a money back insurance policy, you will receive money during the policy tenure as a percentage of the sum assured. The payout you receive is called " Survival Benefits ." You will continue to receive regular payments throughout the tenure of the policy. The remaining sum assured is paid on maturity along with vested bonuses if any. In the event of the demise of the insured, the beneficiary receives the sum assured along with a bonus amount. The amount is given even if the insured has received payment during the policy tenure. This is one of the unique features of a money back plan.
Difference Between Endowment and Money Back Plan
On the other hand, under a money-back policy , you will receive a portion of the sum assured at the pre-decided periods during the policy term. In addition to this, you i will also receive the remaining sum assured upon maturity.
Benefits of Money Back Plans
Value of Money Higher with a Money Back Policy: The value of money declines over time due to inflation. This means that Rs 1 lakh now is more valuable than Rs 1 lakh five years from now. The money back policy pays part of the sum assured before maturity. Therefore, you receive a major part of the total survival benefit much before maturity. The value of these early receipts in your hand is higher than if the amount was paid all at once at maturity.
Difference Between Endowment and Money Back Plan
On the other hand, under a money-back policy , you will receive a portion of the sum assured at the pre-decided periods during the policy term. In addition to this, you i will also receive the remaining sum assured upon maturity.