What is a money back policy?


Money Back policies are life insurance policies that have a savings component to them. In return for premiums paid you get periodic payouts throughout the policy term and death benefit if death occurs within policy term. Usually they are long term policies with term of 15-25 years. At the end of every defined period, say 5, 10, 15 years they pay out a certain percentage of sum assured and at the end of policy term the remaining sum assured is paid out. If death occurs during policy term the entire sum assured is paid out, irrespective of survival benefits already paid out.

Money back policies are popular but they are not the best solution for insurance or investment need. Insurance component in these is minimal and due to high charges associated the returns earned do not match that from similar pure investment products.


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