Money Back Plans

Money back plans are like endowment plans but have one difference – the payment is staggered through the policy term. It offers some part of the sum assured at periodic intervals through the policy term. For heaven sake if you die during the term of the plan, your policy nominee will receive the sum assured irrespective of the payouts already made.

Bonuses (accrued till the date of your death) are also calculated on the full sum assured and not the balance money left. Since money-back plans provide larger benefits than an endowment plans, its premiums are also expensive.

Whole Life Plans

Unlike Term plans, endowment plans and money back plans which offer insurance cover usually till 70 years; Whole-life plans could provide cover until your death. This policy gives an option to pay premiums till a certain age or a specified period (called maturity age).

Once you attain the maturity age, you will get option to continue the cover till death without paying any premium or encash the sum assured and accumulated bonuses.