Moneyback plans are designed for those who want a regular stream of income in addition to insurance benefits. It typically has four components:
- Death Benefit: The sum assured is paid to the nominee upon death of the policyholder during the policy term
- Maturity benefit: A lumpsum is paid to the policyholder upon survival at the end of the policy term
- Survival Benefit: A lumpsum is paid to the policyholder at certain intervals during the policy term
- Bonus: This is the extra amount paid to the policyholder in addition to all the above benefits, and depends on company performance