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    Money Back Policy

    The money back policy, also commonly known as the child money back plan, is a life insurance product offering life cover during the plan’s tenure and maturity/survival benefits after end of policy term. It is both an investment & life insurance plan, typically purchased for children....Read More

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    Money back policy is a type of life insurance product that allows the insured to receive regular returns, or as a lump-sum amount at a defined point during the policy period. The returns offered under a money back policy can be guaranteed or depend on investment performance, or a combination of both. This allows you to purchase a money back policy that is best-suited for your particular financial goals.

    Let’s understand how a money back policy works in detail!

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    Abhishek Chakravarti

    BFSI Writer

    Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

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    Sahil Rawal

    BFSI Expert

    Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

    How Does A Money Back Policy Work?

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    In the case of the life insured's death, a standard insurance plan pays out a lump sum amount to the nominee of the policy. This is known as the death benefit of life insurance. On the other hand, a money back policy is a form of life insurance policy that allows the insured to receive a portion of the sum assured at regular intervals rather than a lump sum at the end of the policy period. As a result, a money back insurance policy is an endowment scheme with certain liquidity.

    The amount that is received as payouts with it is known as the ‘Survival Benefits’. These are compensated over the policy term, and the remaining sum assured is paid at maturity, along with any vested incentives.

    Why Do You Need to Buy Money Back Policy?

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    Here are some reasons that make money back policy suitable for you:

    • Money back plans combine the benefits of an insurance policy with that of investment, meaning that the policy earns an income for the policyholder rather than simply delivering a lump sum in the event of his or her death.
    • These policies include a guaranteed return on investment, as well as annual payouts and insurance coverage, making them an excellent choice for those seeking both security and income.
    • As a result, policyholders receive a stable and guaranteed return on investment, as well as the ability to increase their wealth through investment opportunities.
    • Depending on your life stage, when you invest, the different types of money back, plans can be smart. For instance, a child money back plan can help you secure their future wisely.

    Benefits of Money Back Policy

    Let’s take a look at some valuable benefits of a money back policy:

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    1. Survival Benefit

    Over the course of the policy, money is paid to the policyholder every few years. The payment begins within a few years of the policy's inception and lasts until the policy's maturity.

    Consider this scenario: Akash has chosen a money back policy with a sum assured of Rs. 5 lakhs over a 20-year period. He will have to pay a 20-year premium and receive a portion of the sum assured at regular intervals.

    Depending on the policy terms, he may receive 15% of the sum assured after the 5th, 10th, and 15th years of the policy, as a survival benefit, this is 15 X 3 = 45 % of the sum assured. He will also receive the remaining 55% of the amount guaranteed, plus any bonus, at maturity.

    2. Death Benefit

    In the event of an unfortunate incident, the policy nominee will receive the death benefit. This includes the sum assured as well as any bonuses accumulated on the money back policy. Notably, this does not include the survival bonus, which is only paid out to the insured while they are still alive.

    3. Maturity Benefit

    The insured individual receives the maturity benefit when the money back plan matures, and it consists of:

    • Sum Assured: It is the complete cover amount that the insured selects at the start of the policy.
    • Bonus: This includes the insurer's declared reversionary benefits that have accumulated over time. This is largely determined by the company’s performance.

    4. Tax Benefit

    Section 80C of the IT Act allows you to deduct up to Rs. 1,50,000 in life insurance premiums from your taxable income per year. In addition, Section 10(10)D exempts the maturity benefit of the money back policy from taxation.

    Features of Money Back Policy

    Before moving ahead with your purchase of a money back policy, whether it is a child money back plan or any other type of policy, you must be aware of the following features:

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    1. Guaranteed Returns

    Money back plans mean that money is returned to the life insured as a survival benefit after a set period. When the policyholder survives the policy term, the money back is guaranteed. In the event of the policyholder's death, the nominee receives the amount guaranteed as well as any accumulated bonuses, if any. This is also applicable to child money back plans as well.

    2. Income During Policy Term

    Money back policy ensures that the insured will earn returns or the amount promised every few years. Thus, the survival value is accumulated every few years and provides policyholders with a second source of income.

    These funds may be used to take a vacation, save for an unexpected occurrence, save for a down payment on a house or apartment, or pay off the children's school or tuition fees. As a result, money back policies have an advantage over other types of life insurance on the market.

    3. Riders to Increase Cover

    Most insurance providers sell optional add-on riders that the insured can ‘add-on' to their money-back policy, as the name implies. These riders may be related to medical conditions like life-threatening illnesses, personal accidents, or term riders.

    4. Bonus Amounts

    The Money Back policy even contributes to the income of the insured by way of a bonus. Each year, the incentive is calculated as a percentage of the sum assured by the insurance provider, and accumulated. When the policy matures or if the policyholder passes away, the accumulated bonus is added to the total payout due.

    Examples of Money Back Policy Related Product Table

    Let’s refer to this scenario to better understand money back plans:

    For every 5 years of the money back plan, the plan guarantees survival benefits of 25% of the sum assured. At the end of the term, 25% of the assured sum is payable, plus any accumulated bonuses.

    Hence, Preeti receives Rs. 2.5 lakhs after a duration of 5 years, throughout the policy term, i.e. in the fifth, tenth, fifteenth, and twentieth policy years. Thus, Preeti has already earned Rs.10 lakhs by the 20th policy year.

    She would be paid Rs. 2 lakhs, plus additional incentives, upon the maturity of the plan, and the plan would be terminated. In case of an unfortunate event, the nominee will receive Rs.10 lakhs in addition to the bonus, despite the fact that she has already earned Rs.6 lakhs in Survival Benefits.

    Child Money Back Plan

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    A child money back plan is a conventional money back plan that uses survival incentives to meet the needs and requirements of growing children. Educational requirements, studying abroad, marriage, and other factors can differ from one child to the next

    In basic terms, it is a combination of insurance and investment package that will assist in securing the child's promising future. This participating plan is also eligible for the incentive based on the plan's results.

    How to Choose A Money Back Policy?

    Today, you will find a variety of money back plans in India. In addition, various life insurance companies provide these policies with a varying set of features and benefits to suit diverse financial profiles.

    So, if you are wondering how to choose a money back policy that is best for your investment purposes, consider the following factors:

    • What are your financial objectives for the coming years?
    • How much money do you have right now to invest in a money back plan?
    • How long do you want to invest?
    • What kind of payouts are you expecting?

    These are some basic questions you must ask yourself to make a well-informed decision. Apart from this, individuals should consider the policy tenure when selecting a money back policy. Generally, most money back plans come with an average policy period of 20 years.

    Since money back policies pay a survival benefit to policyholders, prospective policyholders should find out the percentage of the sum assured which would be paid out in instalments. The amount should be sufficient to cover any expenditures that the policyholder will incur.

    Comparison Between Fixed Deposit and Guaranteed Money Back Plans

    Fixed DepositMoney Back Plans
    Policy TermFixed deposits can be used for both long-term and short-term investments, with terms varying from one to five years.The money back policy, on the other hand, provides life insurance as well as premium back options for a minimum policy term of 10 years, which can be extended to 30 years or more.
    InvestmentWith a minimum investment of INR 1,000, you may begin investing in fixed deposits. On the other hand, there are no limits on the maximum investment.In the case of money back plans, the policy premium varies from plan to plan and is calculated by a variety of factors such as the policyholder's age, the tenure chosen, and so on.
    ReturnsFixed Deposits have a guaranteed return on investment. You may also take interest on your fixed deposit weekly, quarterly, or at the end of the year.Likewise, money back plans have defined returns that are stated upfront.
    WithdrawalWith fixed deposits, you have the option of partial withdrawal. Breaking an FD account before the maturity period ends, on the other hand, affects the interest rate of the fund and results in a low return on investment (ROI).Premature withdrawals are also permitted after 2 years of policy tenure in a money back policy. Your returns, however, may be relatively smaller.
    Options for Pay-outWith fixed deposits, you can take the payout amount as a lump sum at the end of the policy term.Whereas a money back policy offers the corpus in the form of long-term annual/monthly instalments. You may also take the whole corpus as a lump sum payment.
    Tax BenefitsTypically, fixed deposits do not have any tax benefits. There are, however, tax-saving fixed deposits that you can invest in for a period of five years and receive tax benefits under section 80C.On the other hand, under sections 80C and 10(10D) of the Income Tax Act 1961, you will receive a tax benefit on the premiums charged and the maturity proceeds from a life insurance policy.

    Eligibility Criteria and Documents Required to Buy Money Back Policy

    Before purchasing a money back policy, one must meet the entry age requirements stated in the policy wordings. The policy cannot be extended beyond the maximum age permitted under the money back plan. It will also be helpful to check the premium payment mode and the term for the money back policy.

    Additionally, these are the documents you will require to buy a money back policy:

    • Salary slips, income tax returns, bank statements, and other forms of evidence of income are appropriate for income proof.
    • A driving license, Aadhaar card, voter's id, passport, and other forms of identification may be used as proof of address.
    • PAN card, Aadhaar card, a Voter ID card can be used as identification proof.
    Aadhaar card, Voter ID card, passport, driving license, and other forms of identification may be used to prove your age.

    What Do You Need to Know Before Buying A Money Back Policy?

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    Purchasing a money back policy makes sense for an investor seeking guaranteed returns with growth potential as well as returns at specific periods of life to cover major expenditures that might arise in the future. However, before choosing a money-back plan, it is crucial to understand a few things. Let’s look at a few of them:

    • Know how a money back policy works appropriately.
    • Understand your financial expectations and see if they match with the benefits of the money back policy.
    • Assess your ability as an investor to take risks. An overestimation or underestimation can both hurt your investment returns in the long run.

    Money Back Policy FAQs

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    Money back plans are a form of investment that combines insurance coverage with a promise of returns. These can be purchased for up to 30 years and usually have higher annualised returns over time. Annualized returns offered by insurance firms are currently in the range of 5% to 6%. It's important to remember that these returns are tax-free.

    As mentioned below, the money back policy has a range of unique features that set it apart from other life insurance products:

    1. Money back policies offer low-risk investment opportunities as well as insurance benefits to policyholders.
    2. For the duration of the money back policy, they provide a regular source of income in the form of 'Survival Benefits.'
    3. The whole sum assured is paid out to the nominee if the policyholder passes away during the policy term, regardless of the amount already paid out by the survival benefits.

    For an additional premium, the insured can easily add several riders to their money back policy. Generally, the riders provided include:

    1. Critical Illness Rider
    2. Accident or Disability Benefit Rider
    3. Waiver of Premium
    4. Term Rider
    5. Hospital Cash Benefit Rider

    A money back policy is much less risky than investing in a mutual fund. It can be a favourable situation for the investor because it is a tax-saving investment with assured returns over the period, as well as providing comprehensive life insurance coverage.

    You can reduce your tax obligation by choosing a money back plan. The assured returns plans produce tax-free returns because they qualify for the EEE exemption under Section 80C and Section 10 (10D) of the Income Tax Act.

    Before buying a money-back policy, you must be of the specified age, as mentioned in the policy wording. The policy scheme cannot be expanded past the money-back plan's maximum age limit.

    Due to non-payment of premiums, your policy benefits may be reduced, while the contract remains valid.

    Premiums for money back plans are usually charged annually or monthly, but you may also be given the option of paying semi-annually (twice a year) or quarterly (four times a year).

    Section 10(10D) of the Income Tax Act of 1961 exempts money earned from money back policy from taxation.

    It is not possible to transfer the money back policy.

    The inclusion of policy revival is needed because it gives the insured individual the opportunity to renew the policy and continue coverage under the plan. The lapsed policy may be renewed at any time within 5 years of the unpaid premium date.

    The policyholder can surrender the policy at any time. It is the opportunity to withdraw from a life insurance policy until it matures, in which case the policyholder will receive the Surrender Value. The policy acquires a Guaranteed Surrender value after two full years’ premium payment

    There is no single money back policy that will be suitable for each person’s requirement. There is a range of personal factors that must be considered to buy the best money back policy for you and your loved ones, such as your financial objectives, income source, budget, etc.

    ARN NO: PCP/MBP/060223

    Sources:

    Data on file – Max Life Insurance

    www.economictimes.indiatimes.com/definition/money-back-plans

    www.outlookindia.com/outlookmoney/ask/are-money-back-schemes-of-life-insurance-companies-better-than-fixed-deposits-1927

    www.economictimes.indiatimes.com/wealth/insure/advantage-of-term-insurance-over-other-types-of-life-insurance/articleshow/67955148.cms?from=mdr
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    1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

    9

    The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V06)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

    ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

    ARN - ARN/Web/01/21042021

    Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

    The premium shall be adjusted on the due date even if it has been received in advance.

    For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

    For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

    For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

    For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

    *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

    6

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

    ##

    Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

    #

    With “Save the date”, you can choose to take your annual income to any special date in a year.

    ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

    ~

    Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

    #~

    Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

    ~1

    Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

    6

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

    **

    Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

    *

    Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

    7

    Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

    8

    Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V03). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 50 lakh.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 75 lakh.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 1.5 Cr.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 2 Cr.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 5 Cr.

    **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.

     

    Disclaimer~*Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~^Disclaimer: 15 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 30/06/2022| 2Nifty Midcap Free Float 100% (5-year return) | For more details on risk factors, terms and conditions and products offered.

    ^~The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).