Money Back Plan
Money back is a type of insurance where the insured person gets insurance coverage as well as a regular income. This kind of insurance is very good for the purpose of saving. Additionally you have many tax saving benefits.
You may go in for this money back policy to utilize the tax-free sum of money receivable that can be used for any purpose. Or you can re-invest the amount.
According to money back life insurance policy, you keep getting a percentage of the sum assured during lifetime of the insurance policy. In case of the insurer outliving the term, he gets the remaining corpus with accrued options like bonus. In the event of the death of the insured before the full term of the policy, the insurer's nominee gets the sum assured irrespective of the number of installments received, with accrued benefits.
Life Insurance Corporation of India