Money-back Plan

A savings-linked life plan with scheduled survival payouts.

What this type of cover does

Provides periodic survival benefits and a death benefit as defined by the policy.

Who commonly considers it

People who prefer planned payouts during the policy term.

What to check in the policy

Registered name and IRDAI registration details of the insurer or intermediary
Who is insured, when cover starts and when it ends
Sum insured or benefit amount, deductibles, co-payments and sub-limits
Waiting periods, exclusions, claim conditions and cancellation terms
Premium amount, taxes, renewal rules and consequences of missed payment
Claim contact details and the insurer’s grievance-redressal process

Features vary by insurer and product. A generic plan type cannot tell you whether a particular claim will be paid; only the issued policy wording can do that.

Independent checks

Confirm the provider’s registration and read the customer information sheet and full wording before paying.

Open IRDAI

Also under Life Insurance

Term Life Insurance
Common
Pure life cover for a chosen term, usually without a maturity payout.
Often considered by
People whose family, loans or long-term goals depend on their income.
Understand this cover
Whole Life Insurance
Long-duration life cover that can continue up to the age stated in the policy.
Often considered by
People seeking long-term estate or legacy protection.
Understand this cover

View all life insurance