Life Insurance

A life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.

A life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.

In Insurance language it is called Anticipated Endowment Plans and commonly known as Money Back Policies. It simply means that in Money Back Plans, the money comes back to the Life Insured after a specific interval of time as Survival Benefit. However, if the Life Insured dies during the policy term, then the Death Benefit would be paid to the nominee and the policy would be terminated and no further money would be paid to him on the intervals.

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