Advantages of Money-Back Policy
Let us go through the in-general advantages of money-back plans:
● Provides liquidity with regular payouts - The biggest advantage of the Money-Back Policy is that it provides regular payouts called the survival benefits. In long-term policies like 15 to 20 years, liquidity. The remaining benefits are paid at the time of maturity.
● Additional Benefit – Some money back policies may offer additional benefit in form of Guaranteed Additions to the policy or extra money backs.
● Tax benefits - A person may be eligible for a tax deduction under 80C of the Income Tax Act, 1961 up to Rs 1.5 lakh for premiums paid towards Money-Back Policy.
● Secured investment - These investments are secured because the returns never change, regardless of the government in power or market conditions. There are no re-investment risks; whatever the insurer has committed to you on paper will be paid out at maturity, guaranteed. Hence it acts as a shield for your money and keeps the overall risks of your portfolio reduced.
● Low-risk instrument - Unlike mutual funds, bonds, and other instruments that are directly affected by the movements in stock markets. Money-Back Policy provides guaranteed returns at specified intervals during the tenure, making it a low-risk instrument.
● Life coverage - It is a life cover that lets you choose from a wide range of options to meet the monetary requirements of the family. This plan lets your family live a dignified life in your absence.
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The cash back arrangement is otherwise called an Anticipated Endowment plan with advantages of liquidity and known as a Money back strategy in the Insurance division.
We can characterize cash back plans as a sort of approach where as opposed to getting a colossal sum toward the finish of the term the protected individual is qualified for getting level sum at standard interims.
The sum which the safeguarded individual gets at standard interim is named as Survival Benefit and the rest of the sum which can be gotten by the protected individual toward the finish of the term is known as Maturity Benefit.
One of the one of a kind highlights of the Money back arrangement is that it helps in giving advantages inside ordinary interims and it is a generally safe venture choice.
Remarkable highlights of Money back plans
Money back arrangements can be considered as a normal wellspring of salary due to the Survival Benefits that are acquired inside ordinary interim.
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The cash back arrangement is otherwise called an Anticipated Endowment plan with advantages of liquidity and known as a Money back strategy in the Insurance division.
We can characterize cash back plans as a sort of approach where as opposed to getting a colossal sum toward the finish of the term the protected individual is qualified for getting level sum at standard interims.
The sum which the safeguarded individual gets at standard interim is named as Survival Benefit and the rest of the sum which can be gotten by the protected individual toward the finish of the term is known as Maturity Benefit.
One of the one of a kind highlights of the Money back arrangement is that it helps in giving advantages inside ordinary interims and it is a generally safe venture choice.
Remarkable highlights of Money back plans
Money back arrangements can be considered as a normal wellspring of salary due to the Survival Benefits that are acquired inside ordinary interim.
