We are on the constant lookout for ways to generate wealth and secure our future financially. With this goal in mind, we invest in a variety of plans and other financial instruments. Each of these has its benefit. One such tool is the Money back plan. Let us know more about this plan and how it can help in financial planning below-
What is a money back plan?
A money back plan pays out the sum assured as ‘survival benefits’ evenly distributed throughout the term of the policy as long as the policyholder is surviving. The survival benefit becomes payable after a few years of the commencement of the money back policy and continues till the maturity if the insured is alive. Upon the death of the policyholder before the maturation of the plan, the nominee(s) receive the maturity amount, the whole sum assured, along with any bonus if accrued.