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Everything You Should Know About Vision Money Back Plus Plan

The Vision MoneyBack Plus Plan, offered by Aditya Birla Sun Life Insurance (ABSLI) is a traditional participation plan that pays out lump sums to the insured on a regular basis, ensuring financial security. The ABSLI Vision MoneyBack Plus Plan provides financial stability and liquidity to your family (payouts as a percentage of the sum pledged). The ABSLI Vision MoneyBack Plus Plan is a traditional Money Back Insurance Plan that includes both liquidities and life insurance coverage in the form of monthly Money Back Distributions. As a result, the policyholder can easily meet his financial obligations by tapping into the plan's funds. 

Everything You Should Know About Vision Money Back Plus Plan

ABSLI Vision MoneyBack Plus Plan Features

The following are the main features of the ABSLI Vision Money Back Plan:

1. Guaranteed Survival Benefits

Guaranteed Survival Benefits are Money Back payouts made every four or five years, depending on the policyholder's preference. The payment rate is calculated as a percentage of the Sum Assured and is determined by the policy term and payout frequency chosen.

2. Advantage of Maturity

In addition to the terminal bonus, accumulated bonuses will be paid if the life insured survives until the end of the policy term. The policy will be canceled once the maturity benefit has been paid.

3. Benefits on Death

The death benefit payable to the nominee if the life insured dies during the policy term is the Sum Assured Death plus any accrued regular bonuses and terminal bonuses if any. The death benefit is capped at 105 percent of the total premiums paid, plus any rider premiums and underwriting extras. The insurance is canceled once the death benefit is paid.

4. Bonus

Simple reversionary bonuses are declared and paid each year the insurance is in effect under the plan. At the plan's death or maturity, a terminal bonus may be awarded.

5. Loan

A loan can be taken out on the insurance after it has gained a Surrender Value. With a minimum loan amount of Rs.5000 and a maximum loan amount of 85 percent of the acquired Surrender Value, the maximum loan amount is Rs.85,000.

6. Tax Advantage

Premiums paid under the plan are tax-free up to Rs.1.5 lakhs under Section 80C. Under Section 10(10D) of the Income Tax Act, the death benefit, maturity benefit, and survival benefit would all be tax-free.

7. Additional Advantages

The ABSLI Vision Money Back Plan also provides the following additional benefits:
Riders: You can supplement your insurance coverage during the policy term for a small fee by purchasing riders. Accidental Death and Disability Rider (ABSLI), Critical Illness Rider (ABSLI), Surgical Care Rider by ABSLI,  Rider for ABSLI Hospital Care, Premium Rider Waiver from ABSLI

Conclusion

ABSLI Vision MoneyBack Plus Plan is a traditional participation plan that falls into this category and provides you with predictable liquidity to meet your financial needs as well as adequate life insurance in the event of an unexpected event. You can choose the length of your coverage, the amount of coverage you want, and when you want to pay your premiums. Throughout the period, this plan pays out a certain percentage of the guaranteed sum at the end of every fourth or fifth policy. It provides complete financial security for your family based on the sum assured that you select. For an additional fee, you can supplement your coverage during the policy's term by purchasing fantastic riders. Sections 80C and 10(10D) of the Tax Code apply to this plan.

Also read- Money Back Or Term Life Policy? Which One To Choose?

Why Go For Money Back Policies?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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