Compare Best Money Back Plans & Save Tax!!
Generate Safe & Assured Returns on your Investment & Save Tax.
Money back plans provide both of savings and life cover. In this plans a certain amount of the sum assured is being given to the individual at regular intervals during the policy period. The balance amount is being paid during the maturity of the plan. If the policy holder dies during the policy period the nominee would get the sum assured as well as the bonus amount if any. Moreover the cash payout received at regular interval is exempted from tax. The amount of payout, terms of the policy, depends on the policy that one has opted.
The major difference between an endowment and money back policy is endowment policies do not provide returns at regular intervals. Only the survival benefits are paid at the time of maturity.
To explain further - The endowment plans pays the money, which includes the sum assured (or cover) and bonus, on the maturity of the policy. Money back policy, on the other hand, returns money usually as a fixed percentage of the sum assured to the insured during the term of the policy at some regular frequency (e.g. 5 years)
Money back plans offer dual benefit of Insurance plus money at regular intervals to fulfill your periodic needs.
The individuals opting for a Money back and endowment plans can avail tax benefits under Section 80C and Section 10(10) D of the Income Tax Act, 1961.
Money back and endowment plans with profit, helps to provide risk cover in times of the untimely death of an individual thus providing the dual benefits of insurance as well as investments.
Money back plans help an individual to plan expenses like a child’s education, purchase of cars, property or any other such financial requirement as an individual can receive cash payouts at regular interval of time.
If you wish to check your policy status online, you can log in to the customer portal on the insurer’s website. In case you are a first-time user, you will have to complete your registration and add your policy, on the insurer’s website.
You can also contact the insurer through their toll-free number, email ID, or write to them, if you have any queries about your policy or policy status.
You can also walk into the nearest branch of the insurer and directly speak to an insurance agent or representative about your policy queries.
Certain insurance providers also have mobile applications through which you can check the status of your insurance policy in a hassle-free manner.
Please note that the information provided is collected from insurers online sources and other publicly available resources & which we believe to be reliable. Safebima.com doesn't warrant the accuracy, reliability & absoluteness of information provided on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and thepolicymart.com does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.