Money Back Policy
What is a Money Back Policy?
A Money Back Policy is a type of life insurance plan that provides periodic returns (survival benefits) to the policyholder during the policy term, along with life cover. If the policyholder survives specific intervals, a percentage of the sum assured is paid back at those stages. In the event of the policyholder’s death during the policy term, the full sum assured is paid to the nominee, regardless of any money already paid out.
This policy is ideal for those who want a combination of life insurance, regular income, and savings. It ensures financial protection for the family while also offering liquidity through scheduled payouts, which can help meet short-term financial needs such as education expenses or loan payments.