Buying money back policy: Check some options here

Money back plans are one of the most popular life insurance plans in the country. It is an endowment plan with the regular income benefit. Under these plans, policyholders receive a percentage of sum assured as survival benefit at regular intervals instead of getting a lump sum amount at the end of policy term. These are appropriate for those who wish to save and also want a guaranteed return with an insurance cover.

Life insurance companies are offering a range of money back policies for customers.

Take a look at some of the best money back policies in India:

Aviva Dhan Samruddhi

Aviva Dhan Samruddhi is a traditional life insurance plan that guarantees cash back every five years in addition to guaranteed maturity benefits.

Features

Entry age: 13 years to 55 years

Maturity age: 23 to 70 years

Policy term: 10, 15 or 20 years

Premium payment term: 10 years

Minimum sum assured: Rs 400,000

Maximum sum assured: Rs 5 crore

Death benefits

In the event of death of the policyholder within the policy term, his or her nominee will get the highest of the following amounts:

a) 10 times of annualised premium, or

b) 105% of the total premiums paid as on date of death or

c) sum assured of the policy.

Plus the guaranteed additions accrued till the date of death without deduction of any survival benefits already paid.

SBI Life Smart Money Gold

It is a, non-linked, participating, life insurance savings product with three types of payout frequency option which are 3 years, 4 years or 5 years in addition to guaranteed maturity benefit.

Features

Entry age: 14 years to 55 years

Maturity age: Maximum 70 years

Policy term: 15, 20 or 25 years

Premium payment term: 15, 20 or 25 years for regular premium and 8, 10 or 12 years for limited premium

Minimum sum assured: Rs 200,000

Maximum sum assured: No limit

Death benefits

On the death during the policy term, the nominee will receive a lumpsum assured plus simple reversionary bonus and terminal bonus, irrespective of survival benefits already paid.

LIC’s New Money Back Plan-20 years

LIC’s new money back plan (20 years) is a traditional participating non-linked endowment plan with the regular payment as survival benefit which is 20% of the basic sum assured at the end of each of 5th, 10th and 15th policy year in addition to maturity benefit.

Features

Entry age: 13 years to 50 years

Maturity age: Maximum 70 years

Policy term: 20 years

Premium payment term: 15 years

Minimum sum assured: Rs 100,000

Maximum sum assured: No limit

Death benefits

On death during the policy term, the nominee of the policyholder will get a lump sum of basic sum assured and all bonuses.

HDFC Life Super Income Plan

HDFC Life Super Income Plan is a traditional participating plan with life coverage that offers guaranteed income for a period of 8 to 15 years.

The maturity benefit of this plan will be the aggregate of last survival benefit payouts and bonuses.

Features

Entry age: 18 years to 59 years

Maturity age: 18 years to maximum 75 years

Policy term: 15 years 20 years

Premium payment term: 5 years to 12 years

Minimum sum assured: Rs 76,198

Maximum sum assured: No limit

Death benefits

On death of the policyholders during the term of the policy, his or her nominee will receive sum assured on death with other bonuses.