A Guide to Money Back Policy
A money-back policy is a unique life insurance product designed to provide both life coverage and financial support during the policy term. It ensures that policyholders receive regular payouts, known as survival benefits, at specified intervals throughout the duration of the policy. This structure not only offers a safety net for loved ones in the event of the policyholder's death but also helps individuals manage their financial goals and obligations during their lifetime. In the unfortunate event of the policyholder's demise within the policy term, the beneficiaries receive the full sum assured without any deductions for previously paid survival benefits, along with any applicable bonuses. Additionally, premiums paid towards this policy qualify for tax deductions under Section 80C of the Income Tax Act, 1961, making it a financially savvy choice for securing one's future.
Key Features of Money Back Policy
Life Coverage:
Provides comprehensive life insurance coverage throughout the policy term, ensuring financial security for your loved ones..
Survival Benefits
Policyholders receive periodic payouts at specified intervals, offering financial support for ongoing needs, such as education, medical expenses, or investments.
Full Death Benefit:
In the event of the policyholder's death during the policy term, beneficiaries receive the full sum assured, ensuring that no survival benefits are deducted.
Tax Benefits:
Premiums paid for the policy are tax-deductible under Section 80C of the Income Tax Act, 1961, allowing policyholders to save on taxes while securing their future.
Renewable/Convertible Options:
Some policies allow renewal or conversion to permanent life insurance without requiring new medical evaluations.
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