Choosing the right insurance policy can be pretty confusing especially when we want to secure our future and have a financial backup simultaneously. If you want a steady flow of income at regular intervals, then a money back plan is what you are looking for.
A Money Back Plan can be defined as a combination of insurance and savings. Under a money back policy, you get the dual benefits of insurance and redemption of money at regular intervals. These policies are most beneficial for those people who seek a financial instrument that offers low-risk guaranteed returns.
Money back plans are one of the most popular life insurance plans in India. Under these plans, the policyholders receive frequent payouts as the death benefit, in case the policyholder survives. These packages include both insurance and investment plans.
As the name suggests, a money-back policy is a policy which gives money-back at regular intervals. This money-back is paid during the plan tenure and is a percentage of the Sum Assured. Money-back pay-outs are called Survival Benefits. These benefits are paid during the plan tenure and on maturity, the remaining Sum Assured is paid along with vested bonuses. However, if the insured dies during the plan tenure, the full Sum Assured is paid irrespective of the Survival Benefits already paid.
Friend Digital 24 Super Money Back Policy is a non-linked participating and non-variable plan that provides life coverage within policy tenure of 10 to 50 years. The minimum entry age of the policy is 18 years and the maximum entry age of the policy is 60 years. The policy provides a minimum sum assured of Rs:1,00,000. To help you know more about the policy, you can check the special features of the Friend Digital 24 Super Money Back Policy.