Need A Financial Product › Forums › Insurance › What do you mean by a Money Back Insurance? › What-do-you-mean-by-a-Money-Back-Insurance_REPLY
October 1, 2014 at 3:43 pm
#47659
samkapoor77Keymaster
A money back insurance plan is one that combines the dual benefits of savings and insurance and is similar to the features of the endowment plans in which the policyholder receives the maturity benefit at the end of the policy term. In the money back plans, the partial survival benefits are paid to the policyholder during the policy term at specific intervals. There are three plans under this scheme namely – the new money back plan that lasts for about 20 years before maturity, the new money back plan that lasts for about 25 years before maturity and the new bima bachat.