This is a traditional savings cum protection oriented, non-linked, participating, limited premium payment endowment product. This product provides guaranteed money back payouts during the policy term along with guaranteed lump sum on maturity and bonus(es) which can be utilized by the customer to fulfill various planned milestones.
During your life there are various needs and milestones for which you need to plan and be financially ready. These milestones could be related to your aspirational needs such as vacation or purchasing a new home, or your child's education or extracurricular activities. There's no better way to take care of these needs than to plan for them in advance. Money Back Advantage Plan provides financial protection to your family by offering life cover and the milestone based payouts through guaranteed money back payouts and maturity benefit.
We understand that there are lifestyle enhancement needs in your life such as renovation of house, family vacation etc.
We also understand that there are important life-stage milestones in your child's life, such as hobby courses, graduation, marriage etc.
Our Money Back Advantage plan helps you meet these needs by providing Guaranteed Money Back payouts at regular intervals and lump sum benefit on maturity.
Protection for 16 years through payout of death benefit in case of unfortunate death of the life insured
Short payment term of 10 years to suit your finances and preference.
Three Guaranteed Money Back payouts of 15% of the Sum Assured each at the end of 5th, 9th and 13th policy year to meet your planned milestones
Receive guaranteed lump sum payout equal to 55% of the Sum Assured along with accrued simple reversionary bonuses and terminal bonus (if any) at the time of maturity
Enjoy rebate on premiums for high Sum Assured
Avail Tax benefits on premiums paid and benefits received under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time
Survival & Maturity Benefit
You will receive Guaranteed Money Back payouts at the regular intervals as specified in the table below provided all due premiums are paid.
|Guaranteed Money Back payouts payable at the end of the Policy Year||Guaranteed Money Back payouts payable(as a Percentage of the Sum Assured)|
On your survival till maturity provided all due premiums are paid, you will receive Guaranteed Sum Assured on Maturity equal to 55% of Sum Assured along with accrued Simple reversionary bonus and Terminal bonus, if any.
On payment of above benefits, your policy will terminate.
In case of your unfortunate death during the policy term, provided all due premiums are paid, the death benefit payable to your nominee will be as follows:
For an in-force policy, the survival benefit (Guaranteed Money Back payouts) already paid will not be deducted from the benefit payable on death.
On payment of above benefits, your policy will terminate and no further benefit will be payable.
Let us understand the benefits of this plan with following examples.
Mr. Kamal, 40 years old is looking for a plan which can provide him money at regular intervals. He wants to plan for his lifestyle enhancement related goals such as up gradation of household goods, vacation with family etc. He also wants his family to be financially protected in case his unfortunate death. He estimates that he would need lump sum payouts at various stages as illustrated below:
To fulfill these requirements, Mr. Kamal plans to save through Money Back Advantage Plan with a Sum Assured of 10 lacs.
Please note that the death benefit will be at least 105% of all premiums paid till date of death less underwriting extra premiums, if any. Please note that the death benefit is irrespective of any survival benefits already paid to Mr. Kamal.
Mr. Pankaj , 35 years old and has one kid named Rohan aged 2 years. He is planning for an all round development of Rohan as regards to hobby courses, sports training, coaching classes, and his graduation. Mr. Pankaj also wants his family to be financially protected in case of his unfortunate death. He estimates that he would need lump sum payouts at various life stages of his child as illustrated below:
To fulfill these requirements Mr. Pankaj plans to save through Money Back Advantage Plan, with a Sum Assured of `5 lacs.
Please note that the death benefit will be at least 105% of all premiums paid till date of death less underwriting extra premiums, if any. Please note that the death benefit is irrespective of any survival benefits (Guaranteed Money Back payouts) already paid to Mr. Pankaj.