Tuesday, February 11, 2020

What Is Money back plan

Money back plans provide both of savings and life cover. In this plans a certain amount of the sum assured is being given to the individual at regular intervals during the policy period. The balance amount is being paid during the maturity of the plan. If the policy holder dies during the policy period the nominee would get the sum assured as well as the bonus amount if any. Moreover the cash payout received at regular interval is exempted from tax. The amount of payout, terms of the policy, depends on the policy that one has opted.
Money back plan

The major difference between an endowment and money back policy is endowment policies do not provide returns at regular intervals. Only the survival benefits are paid at the time of maturity.
To explain further - The endowment plans pays the money, which includes the sum assured (or cover) and bonus, on the maturity of the policy. Money back policy, on the other hand, returns money usually as a fixed percentage of the sum assured to the insured during the term of the policy at some regular frequency (e.g. 5 years)
How does money back plan work?
Suppose a person takes a money back plan for 15 years with payouts of 25% of the total sum assured after every five years and rest of the sum assured at the end of the 15th year along with the additional bonus amount. So by the end of the 10th year the individual would have received 50% i.e. 25*2=50% of the total sum assured and on the completion of the policy term, the individual would have received 50% of the total sum assured plus any additional benefit if any announced by the insurance company at the time the policy was bought. The plan can also have higher term periods for ex: 20 or 25 years.
Types of bonuses
Bonuses applicable in endowment with profits and money back policies are different types as below. Bonus payment are determined and declared by life insurer if they make surplus funds after claims, costs and expenses have been paid in a particular financial year.
Simple Reversionary bonus (SRB) This type of bonus is calculated on the sum assured only. This bonus is declared annually and is accrued to be paid out at the time of a claim or maturity.
Compound Reversionary bonus (CRB) CRB is calculated as a percentage of the sum assured and all previously accrued bonuses. The bonus of each year is added to the sum assured and the next year's bonus is calculated on the enhanced amount.
Terminal Bonus
Terminal Bonus is also known as persistency bonus which is paid once, i.e. at the time of maturity of the policy. It is a sort of loyalty bonus given to a policyholder for maintaining the policy till maturity. Its value is not guaranteed and will be disclosed only at the time of policy maturity.
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