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Money Back Advantage Plan

Money Back Advantage Plan

Money Back Advantage Plan

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Money Back Advantage Plan
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About Money Back Advantage Plan

UIN: 136N048V02

This is an Individual Non-Linked Par Life Insurance Savings cum Protection Plan. This savings plan 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 fulfil various planned milestones.

CLICK HERE for reversionary bonus rates in participating plans.

Why Buy

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.

  • Lifestyle EnhancementWe understand that there are lifestyle enhancement needs in your life such as renovation of house, family vacation etc.
  • Life-stage MilestonesWe 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.
  • Family protectionProtection for 16 years through payout of death benefit in case of unfortunate death of the life insured
  • Limited payment termShort payment term of 10 years to suit your finances and preference.
  • Guaranteed Money BackThree Guaranteed Money Back payouts of 15% of the Sum Assured each at the end of 5th, 9th and 13th policy year on your survival to meet your planned milestones
  • MaturityReceive 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
  • Rebate on premiumsEnjoy rebate on premiums for high Sum Assured
  • Tax benefitsAvail 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
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Survival & Maturity Benefit

Survival 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)

5th

15%

9th

15%

13th

15%

Maturity Benefit:

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.

Death Benefit

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:

Higher of:

  • Sum Assured on Death plus accrued Simple reversionary bonus plus Interim bonus (for the part of the year in which death occurs, if any) plus Terminal bonus (if any); or
  • 105% of {the Total Premiums Paid till the date of death less underwriting extra premium, if any}. Where Sum Assured on Death is the amount which is higher of:
    - 10 times the Annualised Premium; or
    - Sum Assured
    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.

Bonuses

  • Simple Reversionary Bonus: Simple reversionary bonus may be added in this plan provided you pay premiums as and when due and is expressed as a percentage of Sum Assured. This bonus may be declared at the end of every financial year based on the profits emerging from the with-profit fund managed by the Company. Once declared, the simple reversionary bonus gets accrued to the policy and once accrued is guaranteed to be payable.
  • Terminal Bonus: Terminal bonus, if any, based on the profits emerging from the with-profit fund managed by the Company may also be payable at maturity.
There is no guarantee on the amount of future bonuses and these will be declared at the sole discretion of the Company. Hence, the bonuses in this plan may vary from time to time.

Let us understand the benefits of this plan with following examples.

Example 1

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.

  • The premium he has to pay annually for 10 years is ₹ 1,19,130 (before taxes and cess (es) as applicable).
  • Mr. Kamal now gets significant life cover to protect his family for the entire term of the policy. Provided all the premiums are paid as and when due, in case of his unfortunate death anytime during the policy term, his family will get Sum Assured on Death {Higher of (Sum Assured or 10 times the Annualized Premium)} of ₹ 11,91,300. His family will also gets the simple reversionary bonuses added till date of death (and any interim bonus for the part of the year in which death occurs) along with the terminal bonus (if any).
    Please note that the death benefit will be at least 105% of Total 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.
  • Provided premiums are paid as and when due and Mr. Kamal survives till such dates, he will be entitled to Guaranteed Money Back payouts of ₹ 150,000 each at the end of 5th, 9th, and 13th policy year. At maturity, he gets Guaranteed Sum Assured on Maturity of ₹ 550,000. These payouts will help him meet his planned milestone expenses.
  • Provided all the premiums are paid as and when due, regular simple reversionary bonuses added to the policy will be payable either on death or maturity, whichever is earlier. Further, Mr. Kamal may also be eligible for terminal bonus, if any.

Example 2

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.

The premium he has to pay annually for 10 years is ₹ 59,580 (before taxes and cess (es) as applicable).

Mr. Pankaj now gets significant life cover to protect his family for the entire term of the policy. Provided premiums are paid as and when due, in case of his unfortunate death anytime during the policy term, his family will get the Sum Assured on Death {Higher of (Sum Assured or 10 times the Annualized Premium)} of ₹ 5,95,800. His family also gets the simple reversionary bonuses added till date of death (and any interim bonus for the part of the year in which death occurs) along with the terminal bonus (if any).

Please note that the death benefit will be at least 105% of Total 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.

Provided premiums are paid as and when due and Mr. Pankaj survives till such dates, he will be entitled to survival benefit by way of Guaranteed Money Back payouts of ₹ 75,000 each at the end of 5th, 9th and 13th policy year. At maturity, he gets Guaranteed Sum Assured on Maturity of ₹ 275,000. These payouts wil help him meet his planned milestone expenses.

Provided all the premiums are paid as and when due, regular simple reversionary bonuses added to the policy will be payable either on death or maturity, whichever is earlier. Further, Mr. Pankaj may be eligible for terminal bonus, if any.

Entry Age

Minimum

8 years

Maximum

55 years

(In case of monthly mode, maximum entry age is 45 years)

Maximum Maturity Age

71 years

16 years

Minimum Sum Assured

Annual Mode
Monthly Mode

₹ 1,00,000

(for entry age from 8 to 50 years)

₹ 2,00,000

(for entry age from 51 to 55 years)

₹ 3,00,000

(for entry age from 8 to 45 years)

Maximum Sum Assured

No limit
(Subject to Board Approved Underwriting Policy (BAUP) of the Company)

Minimum Premium

Depends on, entry age, Sum Assured & premium payment mode

Maximum Premium

No limit, will be subject to BAUP of the company

Premium Mode & Modal Factors

Annual and Monthly

For Monthly mode, the Annual Premium needs to be multiplied with a factor of 0.09 to arrive at the monthly instalment premium payable.

Premium Payment Term

10 years

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