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A traditional insurance plan pays out a lump Sum Assured in the event of the death of the life insured. The beneficiaries/ dependants/ nominees of the life insured receive a benefit (called a death benefit) if the worst should come to pass for the insurance holder.
A money back insurance plan pays out the same maturity benefits in the form of several guaranteed “survival benefits" which are staggered evenly throughout the course of the policy. So, a money back insurance policy is an endowment plan with the benefit of regular liquidity.
The money back policy has a number of distinct features that set it apart from other life insurance products, as mentioned below:
A general list of riders that can be purchased along with a money back policy are given below:
This rider provides coverage in case the policyholder meets with an accidental death as outlines in the rider guidelines. In such a scenario, the policyholder’s beneficiaries/nominees will receive a lump sum as additional benefit.
This rider provides the policyholder with a waiver from paying the premium amount under certain circumstances but still provides coverage to the policyholder.
This rider provides the policyholder with financial assistance in the event he/she contracts a critical illness as defined by the rider.
This rider provides the policyholder with assistance in paying hospital bills in the event the policyholder is hospitalized. A daily allowance is issued to the policyholder to cover expenses related to treatment.
The documents required to apply for a money back policy are listed below:
Note : Policy details offered are indicative, not exhaustive. Please contact your nearest Arunaya office for further details.