A money-back policy is basically a plan that offers money-back at regular intervals. the insured will receive survival benefits at regular intervals during the plan tenure. There is a fixed interval where the benefits would be paid. Each plan carry a different payout structure. Similarly, the percentage of Sum Assured paid as Survival Benefits is also not fixed and varies according to plans. You should check it with your insurance company and read your policy in detail to know the exact format of survival benefits that your plan offers.
Hi Saroj, As per the latest verdict by IRDAI in August 2018 all the mental illnesses will be eventually covered by health insurance firms. This move has also been inspired by alarming increase in mental diseases and its growing awareness. Mental illnesses like Schizophrenia and other critical ailments are expected to be covered as per new rule.
Many health insurance companies have supported this move and making provisions for its inclusions. It may be implemented within a couple of months. Some of them might have already included them as a part of add-on cover. Stay updated with all the latest news related to your health insurance plans. Please inform if you have any other query.
Adding to the information stated by Mehak and with an agreement to the points stated above, these benefits are paid out on fixed regular intervals of a money back plan's tenure. This payout structure may vary with different policy providers and plans available in the market. In my case, it was accounted upon the total sum assured under the plan. Also, when the plan matures, the remaining portion of the insured amount, i.e. the original sum allocated minus the survival benefits paid in the course, is paid out to you like the maturity benefit. However, in case of death, the whole assured amount is paid to the nominee, irrespective of the survival benefits paid in this course. Additionally, you also receive a bonus accrued to the sum you get while maturity or in case of death and while you claim this plan. This bonus depends on the profit generated by the insurance firm in a set period of time. For more details and information regarding the formalities involved, get in touch with your insurance provider or seek assistance from online insurance comparison platforms like policyx.com.
Want to answer this question? You need to login first.