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The key difference between an endowment policy and a money-back policy is in the benefit structure. Endowment policies provide a lump sum at maturity or in case of the policyholder's demise, while money-back policies provide periodic payouts (survival benefits) during the policy term in addition to a lump sum at maturity.
To claim a money-back policy, you need to follow the specific procedure. Here is a general guideline on how to claim a money-back policy:
Once the verification process is complete, and the claim is approved, the insurance company will make the payment. For money-back policies, you will receive the scheduled payouts according to the policy terms. If the claim is rejected for any reason, the insurance company should provide a valid explanation for the rejection.
You can check the status of your money-back policy by contacting the insurance company's customer service or visiting their website. You will need your policy number and other relevant details to inquire about your policy status. Many insurers also provide online portals or mobile apps for policyholders to check their policy status conveniently.
Yes, Money-back policies can be beneficial if you require periodic payouts for various expenses or milestones. However, it's essential to understand the policy terms, returns, and costs to determine if it aligns with your financial objectives.
Money-back policies are a type of investment life insurance plan that provides periodic payouts, which can be used to meet financial goals or fulfil specific needs at different stages in life. They combine life insurance coverage with a savings element, making them suitable for individuals seeking both protection and periodic cash inflows.
The maturity proceeds of a money-back policy are usually tax-free under Section 10(10D) of the Income Tax Act, provided certain conditions are met.
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