There is no person who would not want to see their money grow over a period of time. Certainly, you are no different and hence, investments should be a vital part of your financial plans to maximise your wealth. You, as an individual may have many financial dreams you would like to fulfill and hence one of the best options is to invest your savings in various investment tools which can help your money to grow and allow you to fulfill your future goals.
Insurance is also extremely important and it is always advisable to have one since you would not want your family to go through any financial trauma in case you are not around in future.
You may certainly want a product which gives you the best of both worlds. Hence, a money back plan is the best product you can avail for yourself. A money back plan not only provides you cover but also ensures that you get a regular sum of money so that you can take care of your needs.
You can purchase a money back plan for a certain term, and for which you will be required to pay premiums n a regular basis. In case something happens to you, the beneficiary will receive a lump-sum amount called the death benefit. You will also receive a regular sum of money on a regular basis and once your policy attains maturity, you receive the entire sum assured along with the bonus that you might be entitled to. This type of plan also offers rider or add-on plans which adds an extra layer of protection.
There are various reasons why a money back plan is a brilliant investment option. Some of the reasons are given below:
If you are someone who is looking for a product which provides insurance cover and also helps you build a corpus, then it is highly recommended that you purchase a money back plan for yourself. You will come across products like ULIPs, endowment plans, etc., which not only provide cover but also allow you to maximise your savings. However, these products are slightly different from a money back plan. ULIPs carry a certain degree of risk since they invests your money in various market instruments. Endowment plans, unlike money back plans, do not provide a regular payout to their investors. So, if you are someone who has no appetite for risks and wants a regular income credited to their account, a money back plan is the most suitable option for you.
You must be sure about your financial goals and have an idea regarding the total amount of funds you would like to invest. You must also be sure about the period for which you would like to keep investing and also the payouts you would like to receive. If you are clear regarding all these factors then you can surely go ahead and purchase a money back plan for yourself.
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