Top 5 Money Back Plans to Invest in 2017-18

Choosing the right insurance policy can be pretty confusing especially when we want to secure our future and have a financial backup simultaneously. If you want a steady flow of income at regular intervals, then a money back plan is what you are looking for.

What is a Money Back Plan?

A Money Back Plan can be defined as a combination of insurance and savings. Under a money back policy, you get the dual benefits of insurance and redemption of money at regular intervals. These policies are most beneficial for those people who seek a financial instrument that offers low-risk guaranteed returns.

Why One Should Buy Money Back Policy?

One of the best reasons why one should go for money back policy is that it provides a steady flow of income at pre-specified intervals so that the insured can meet his/her expenses at different stages of the policy tenure. This policy provides dual benefits of insurance and investment. Moreover, under this plan, one gets the advantage of guaranteed return on investment and an opportunity to grow their wealth through investment opportunities.

With the above-mentioned details, it must have been made clear that this is an ideal plan for those who want to enjoy the benefits of both protection as well as a fixed source of income. So, what’s next? Well, now if you want to invest in a money back plan, then read ahead to know about the  best 5 money back plans you can  invest in 2017

 Best 5 Money Back Plan of 2017-18

1.    LIC Money Back Policy- LIC Money Back Policy-20 years is a traditional participating endowment plan with money back policy. The policy term is 20 years and the minimum to maximum entry age of the policy ranges from 13 years to 50 years. The plan has a maturity age of 70 years and provides a minimum sum assured of Rs1,00,000/-. Some of the best features of the LIC Money Back policy are as follows-

• The plan provides a comprehensive life insurance cover against death.
• The death benefit is payable as a lump sum of basic sum assured plus all the bonuses irrespective of all survival benefit paid earlier.
• The plan also provides surrender benefits. 

2.    Bajaj Allianz Cash Assure- This is a traditional money back plan which is a mix of protection and savings. To meet the financial requirements of the customers, the plan offers liquidity in the form of money back in regular intervals of time. The policy tenure ranges from minimum 16 years to maximum 28 years and the minimum sum assured offered by the policy is Rs1,00,000. Here, let us highlight   some of the features offered by Bajaj Allianz Cash Assure policy:-

• This is a money back plan that offers periodic payout at regular intervals.
• The policy offers a guaranteed return on investment up to 150% of the sum assured.
• The insured can choose from the option of 4 policy term- 16,20,24 and 28 years.
• The female policyholders are offered special premium rates. 

3.    LIC Money Back Policy for Children’s- This is a traditional money back child insurance plan that is designed to secure the future of your child even if the parent is not around. The plan provides life insurance coverage to the child. With a policy tenure of 25 years, the minimum entry age of the policy is 12 years and the minimum sum assured offered by the policy is Rs100,000. Some of the key features of the LIC Money Back policy are as follows:

• It is a participating plan with a limited premium payment option.
• Following the completion of 18 years of age, the policy gets matured in the name of the life assured after the completion of the policy tenure.
• The policy is designed to cater to the needs of the growing children.
• The policy can be bought by parents and grandparents for a child aged between 0 to 12years. 

4.    Reliance Super Money Back Plan- Reliance Super Money Back Policy is a non-linked participating and non-variable plan that provides life coverage within policy tenure of 10 to 50 years. The minimum entry age of the policy is 18 years and the maximum entry age of the policy is 60 years. The policy provides a minimum sum assured of Rs1,00,000. To help you know more about the policy, you can check the special features of the Reliance Super Money Back Policy.

• Until the maturity of the policy, the money back benefit is paid every 5 policy years.
• At the end of the premium paying term, loyalty additions are payable.   
• The premium paying term is the half of the policy term. 

5.    Birla Sun Life Insurance Bachat Money Back Plan- This is a traditional non-participating money back plan. The maximum entry age of the policy is 60 years and the minimum sum assured amount paid to the insured is 180 times your monthly base premium. Some of the key features of the BSLI Bachat Money Back policy are

• This is a traditional plan that offers loyalty additions  but no bonus.
• The minimum sum assured is equal to 180 times of the monthly premium paid.
• The plan offers double accidental benefit rider.
• A minimum guaranteed bachat addition rate is offered by the policy.
• After the completion of 15 policy years, the policy provides loyalty addition which increases every year.

Money back plans are undoubtedly one of the smartest ways to plan your future investment cover. So, before you zero in on an insurance plan, it is important to understand and analyze the pros and cons of the plan. I am sure that the above discussion on money back plans will definitely help you pick the right plan that suits your financial requirements.  

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