Investment Plans

Plans allow systematic enhancement of wealth with insurance

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Which One to Choose – Endowment or Money Back?

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Insurance companies have tailored insurance policies in different formats in an effort to customize their offerings to the needs of large variety of customers. Endowment insurance plan and money-back insurance plans are among the more popular formats in which insurance policies are available. Many potential customers who look to buy an insurance cover/investment plan find it difficult to decide the best insurance option for them and how the various options differ.

Essentially, the differences are not as difficult to comprehend as they appear. Before we dwell into the differences, let us first know the similarities between the two. Both endowment plans and money back insurance plans are investment insurance product. They guarantee a return on the investment you make. In case you die during the Term of the Policy they offer you the sum Assured as death benefit. If you continue to live throughout the policy term, you will be provided the Sum Assured as Maturity benefit.

The difference in the two investment plans essentially arises from the way they distribute back the sum assured to the insured. An Endowment Plan would pay the entire sum assured only after the term of the policy is over. A money back plan instead would distribute the sum assured in parts or installments. The payments are staggered over the policy term. Money back plans are ideal for those people who are looking for regular flow of funds to tide over various expenses like child education, marriage etc.