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Top 5 Money Back Plans in India To Invest in 2024

With the rising cost of living, having a financial backup to support your retirement period is essential. That’s where the role of money back policies comes in!

It is a unique insurance plan that offers dual benefits of life insurance coverage as well as savings. In short, it not only serves as a life insurance plan but also acts as an investment plan for the policyholder, which allows them to increase their wealth via investment opportunities.

At regular intervals, the policy helps generate income during the policy tenure and offers financial security to the family in case of the unfortunate demise of the policyholder. So, if you are interested in buying a money back plan, keep reading till the end! Here, we will explore the top 5 money back plans that will help you accomplish your financial goals.

Top 5 Money Back Plans

1. HDFC Life Super Income Plan

HDFC Life Super Income is a non-linked participating money back life insurance plan that offers regular income for a span of 8 to 15 years after the premium payment term under a limited pay option. While one can enjoy regular income from the 2nd policy year under the single-pay option. This plan is a perfect choice for those who want a regular source of income for future expenses.

Key Features of HDFC Life Super Income Plan

Bonuses: Increase your regular income at maturity with reversionary and terminal bonuses.
- Reversionary Bonus- Declared at the end of each financial year, and provided all due premiums already paid, this bonus is guaranteed to be payable on maturity.
- Terminal Bonus- As per the policy performance and existing reversionary bonuses, and reflecting the company’s surplus and policyholders who paid all premiums, a terminal bonus may get added to the policy.

Along with these bonuses, the HDFC Life Super Income Plan participates in the company profits, so bonuses are also given to the insured accordingly.

Policy term- As per your needs, select a policy term of 16, 18, 20, 22, 24 or 27 years.
Get a policy loan of up to 80% of the surrender value of your policy after it acquires the surrender value.
Payout - Select payout periods from 8, 10, 12, and 15 years
Opt to pay your premiums either annually, half-yearly, quarterly or monthly basis.
Survival Benefits from 3.84% to 12.5% of the Sum Assured are paid on policy maturity.
Enjoy life Insurance coverage throughout the policy term

2. LIC Money Back Plan - 20 Years

LIC's New Money Back Plan-20 years is a Non-Linked, Limited Premium, Participating, Individual, Life Assurance plan that offers a combination of security against death throughout the term along with regular payment on survival at fixed durations in the policy tenure.

Key Features of LIC Money Back Plan - 20 Years

Under an in-force as well as paid-up policy, the plan offers an option to obtain death and maturity benefits in instalments over the chosen period of 5, 10, or 15 years rather than a lump sum amount.
20% of the Basic Sum Assured is payable at the end of each of the 5th, 10th & 15th policy years as a survival benefit.
As a percentage of the Surrender value, the loan allowed under the policy is as follows -
- For in-force policies – up to 90%
- For paid-up policies – up to 80%
A final additional bonus may be declared on maturity and death of the policy, but it is not available for paid-up policies.
As long as the policy is active and based upon the experience of the Corporation, the policy participates in profit and is eligible for Simple Reversionary Bonuses.
Four rider options are available under this plan that you can add to your base plan by paying an additional premium.

3. ICICI Prudential Cash Advantage Plan

ICICI Prudential Cash Advantage Plan is a unique savings and protection-oriented plan that offers you a guaranteed lump sum at maturity and a guaranteed amount every month for 10 years. In addition, the provided bonuses and life coverage offer financial security to your family in case of your untimely demise.

Key Features of ICICI Prudential Cash Advantage Plan

Guaranteed Cash Benefit (GCB) equal to 1% of GMB(Guaranteed maturity benefit) every month, all over the payout term of 10 years.
Select how you want to pay the premiums: the Five Pay option, the Seven Pay option, or the Ten Pay option.
Guaranteed Cash Benefit (GCB) is payable in advance, provided the policyholder is alive and the policy gets paid completely.
Liquidity - The payout term begins immediately after the premium payment term (PPT).
Get loans of up to 80% of the policy’s surrender value.
Get tax deductions under section 80C of the IT Act.

4. Money Back Plus Plan by Tata AIA Life Insurance

Money Back Plus Plan is a Limited Premium Paying, Participating, Non-Linked, Individual Life Insurance Savings Plan that offers assured income at periodic intervals along with life cover protection from sudden risks in life. In addition, it provides three plan options with their policy terms to secure financial goals for your loved ones.

Key Features of the Money Back Plus Plan

Regardless of the survival payouts already paid, it offers life cover throughout the policy term.
Increase your savings through terminal bonuses and Compounded reversionary bonuses (if declared).
Additional protection in case of Accidental death via Inbuilt Accident Cover.
Enhance the policy coverage through optional riders.
During the entire term, get Survival payouts of up to 130% of the Sum assured at periodic intervals.
Lump Sum Maturity addition for policyholder’s requirements.
Once the policy acquires Surrender Value, you can apply for a policy loan within the extent of 65% of Surrender Value.

5. Bajaj AllianzCash Assure Plan

The final plan on our list of top 5 money back plans is the Bajaj AllianzCash Assure Plan. It is a traditional money back plan which provides protection and savings at regular intervals. To meet the insured’s financial requirements; it gives lump sum payouts at regular intervals.

Key Features of Bajaj AllianzCash Assure Plan

Special premium rates are given to female policyholders.
Increased value for money with a High-sum assured rebate.
Choose between 4 policy terms: 16, 20, 24 and 28 years.
High Sum Assured Rebate: this money back offers a premium discount structure where the policyholder can get a discount of ₹4.50 for each complete additional ₹1,000 Sum Assured purchased over and above the minimum Sum Assured of ₹1,00,000.
As per the selected policy term, a Guaranteed Money Back of up to 150% of the Sum Assured is given.
Depending upon the policy tenure, receive a percentage of the sum assured at set intervals.
In addition to 60% of the sum assured, you will get a Vested Bonus, plus a Terminal Bonus, if any.
To increase the policy cover from the nominal cost, select from the optional five rider options.

Enjoy a shorter premium payment term, as the premium paying term is 5 years which is lesser than the policy term.
Once the policy is acquired a surrender value, get a loan of up to 60% of the Surrender Value.

Conclusion

This marks the end of our list of top 5 money back plans. While these plans represent some of the best options available, they are just a few among the numerous policies on the market.

So, while selecting the right money back plan, you must compare the benefits, returns on investment, policy terms, premium affordability, and the company you are choosing to invest in.

But doing all of this comparison is not as easy as it seems. But team InsuranceDekho is here to ease the complex process for you. Just give us a call at +91-7551196989, and our relationship manager will help you with buying the best plan.

Frequently Asked Questions (FAQs)

Q. What is the HDFC Life Super Income Plan?

HDFC Life Super Income Plan is one of the top 5 money back plans that offers assured income for a period of 8 to 15 years and provides an opportunity to benefit from the earnings of the participating fund.

Q. What are some of the key benefits of a money-back policy?

Below are some of the key benefits offered by a money-back policy:

Death benefits, maturity benefits, and survival benefits.
Insured gets the full sum assured on maturity.
Life cover as well as savings benefits.
Policy premium qualifies for tax deduction.
Additional bonus benefits.

Q. What is the money back guarantee scheme?

Regardless of whether a claim has been made or not, in the money back guarantee scheme, the insurer guarantees to pay back a part of the premiums at set intervals during the policy term.

Q. What is the LIC Money Back Plan - 20 Years?

This plan offers security against death throughout the term, along with periodic payment on survival at set durations in the policy tenure.

Q. What are the key features of the Money Back Plus Plan by Tata AIA Life Insurance?