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Money-Back Plan:  Build your net worth with protection.

A traditional insurance, Money Back, plan pays out the same maturity benefits in the form of several guaranteed “survival benefits” which are staggered evenly throughout the course of the policy.  The Plan is with the benefit of regular liquidity as the beneficiary get payback on a regular basis. Not only this, but it also pays out a lump Sum Assured in the event of the death of the life insured. The beneficiaries/dependents/nominees of the life insured receive a benefit (called a death benefit) if the worst should come to pass for the insurance holder.

Functioning of Buy Money back Policy A money back policy provides periodic pay-outs, ensuring a steady source of income to help policyholders meet expenses at different stages during the policy duration. Money-back policies provide the benefits of an insurance policy as well as an investment, ensuring that the policy earns the policyholder an income instead of just merely providing a lump sum in case of his/her demise. An average money back policy with 20-year tenure would thus pay the policyholder what is known as a ‘Survival Benefit’ a few years after the start of the policy. Around 20% of the Sum Assured would be paid out periodically, while the balance would be paid out at the time of policy maturity with a bonus if any.

In the event the insured individual does not survive till the policy maturation, the nominee would receive the Death Benefit (the entire Sum Assured) and the policy would be terminated.


If the premium paid is 10 times of the Sum Assured for policies the survival benefits are Tax free.

 If the premium amount is not paid within the grace period allotted for the same, the policy lapses and benefits associated with the policy cease. If the premiums have been paid for a minimum of 3 years, a paid up value for a reduced sum is created.

Money back policies can be revived within 2 years from the date the last premium was paid.

As of now, it is not possible to transfer a money back policy. The policy can be surrendered if desired. However, the Policy can be assigned to any one in your family.

A money-back policy can be surrendered on its attaining cash value (after payment of 3 years’ worth of premiums). The policy will have a surrender value based on the policy tenure and the number of premiums paid.

  • Features:
    Money back plans provide policyholders with low risk investment options as well as insurance coverage.The policies provide a regular source of income in the form of ‘Survival Benefits’ for the duration of the policy.
    In the event of the policyholder’s demise during the policy term, the entire Sum Assured is paid out to the nominee irrespective of the amount already paid through the Survival Benefits.
    Works as an insurance policy as well as a long-term investment with good returns.
    Provides tax benefits.
    Less risky than other investments offering similar returns like mutual funds.
    Enables long-term savings and regular income.
    Ensures that amounts are disbursed regularly.
    Some plans extend the insurance coverage guaranteed death benefits even after the maturity date and the last survival period, up to when the life insured attains the age of 100.
    There are optional riders that cover things like specific illnesses, critical illnesses, disabilities, etc.
  • • Life Insurance Claim Process :

    The main purpose of taking an insurance policy is that it should come in use in times of crisis. 

    Death claim settlement process

    Step One:  Intimation to the insurance company about the claim.

    The nominee should inform the insurance company as soon as possible to enable the insurance company to start with the claim process. The details required for intimation are policy number, name of the insured, date of death, cause of death, place of death, name of the nominee, etc. The claim intimation form can be obtained from us or even by downloading it from the insurance company website.

    Step Two: Documents required

        1.    The nominee will be asked to furnish the following documents:

        2.    Death certificate

        3.    Age of the life insured (if not already given)

        4.    Original Policy document

        5.    Any other document as per the requirement of the particular insurer or case-related.

        6.    For early death claims i.e. the claim that has arisen within three years of the policy is in force the company will do an extra investigation to ensure it is a genuine claim. They might do the following:

        >>    Check with the hospital if the deceased was admitted to the hospital.

        >>    In case of an air crash confirmation from the airline, authorities check if the policyholder was a passenger on the plane.

        >>    In case of death from medical causes, the insurance company will ask the hospital to provide doctor's certificate, treatment records etc If the policyholder dies due to murder, suicide, accident then police FIR report, post mortem report etc shall be required.

    Step Three: Submission of required Documents for Claim Processing

    For quicker claim processing, the nominee must submit complete documentation as early as possible and any other documents that the company needs to pass the claim.

    Step Four: Settlement of Claim

    As per the regulation 8 of the IRDAI (Policy holder's Interest) Regulations, 2002, the insurer is obligated to settle a claim within 30 days of receipt of all necessary documents including extra documents sought by the insurer. If the claim requires further investigation, the insurer needs to complete its procedures within 6 months from receiving the written intimation of claim.

  • • Maturity & Survival Claims :

    The payment made by the insurance company on completion of the term of policy or maturity date is called maturity payment. The amount payable consists of sum assured plus any bonus/incentives.

    The insurance company informs the policyholder in advance by sending bank discharge form for filling details in it. The form needs to be returned to the insurance company with an original policy document, ID proof, Cancelled Cheque and copy of passbook.

  • • Rider Claims :

    Different riders can be attached to the base life insurance policy for enhanced protection. The riders can be an accidental rider, critical illness rider, waiver of premium rider etc. For different riders, different claim proceedings are required. Some riders may be valid with the death claim like accidental death rider or some riders need to processed standalone like a waiver of premium rider in case of disability.

    For Critical Illness Rider- necessary medical documents such as first diagnosis report, Doctor's report, etc are required. For Accidental disability rider - a copy of FIR, Certificate of disability by the treating doctor, doctor's report etc are required.