Money Back Life Insurance
Money-back life insurances
If you are wondering, what happens to the premium for your life insurances plan if you survive the whole term, well, you will be pleased to know that both Whole Life Insurance and Universal Life Insurance have a built-in cash value. This comes under the money-back life insurance policy and you can get it back. Contact Canadian LIC today for more details.
Let’s talk about the Money Back Life Insurance Policy
Well the name itself is self-explanatory. In money back term policies, you get a percentage of your sum assured during the tenure of the plan. This percentage is calculated on the total sum assured at the end of the maturity period. In the event of you passing away, your family will be receiving the full amount of the assured sum at the end of your maturity period, and the monthly percentage amount won’t be deducted.
The Money Back Term Policy only falls under the categories of Whole Life Insurance and Universal Life Insurance. However, for Term Life Insurance policies, you can customize the plan to include a money-back clause to reap the same benefits. The sum assured paid and the percentage amount is not fixed and varies from plan-to-plan. If you have any queries, feel free to call us, we will be glad to resolve them.
How to include a money-back clause on a Term Insurance Plan
we give you the option to customize a Term Insurance Plan to include an ROI clause to get the complete amount back at the end of the tenure. You might be paying a bit extra on the premium, however, if you live out your tenured period, you would be getting a lump-sum on the entire amount. We also give you the option of renewing your plan as it will increase the lump sum amount. Another additional advantage is since the lump sum that you would be receiving is tax-free.
Now, coming to the paperwork, if you don’t have a clear understanding of insurance plans and policies, we’ve got your back. Our team has been in this line of business for more than 10 years and we can advise you on what type of plan would be best for you based on your requirements. Your best interests are always our top concern. Contact us today for more details, we look forward to hearing from you.
Some features of a money-back policy
- It can be taken as an extra source of regular income
- It is a low-risk savings option which provides insurance coverage as well
- In case the policyholder passes away the entire sum assured would be paid to the beneficiary
- Guaranteed returns
- There is no limit to the growth of the premium amount and the amount is tax-free
- The monthly payment may be more if a money-back clause is introduced into a Term Insurance Plan, however, it will not cross a pre-determined level mentioned in the insurance agreement
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