The money back policies are amongst the more popular in India. Here a certain percentage of the policy amount is returned after every few years as bonus. The percentage is fixed and unlike the other policies, the policy holder knows exactly how much he will get and when is will be paid. Tata AIG's 21 years money saver plan also works on a similar model. However, this policy has no minimum age limit.
Parents can buy the policy for their new born baby.
If death occurs before maturity of the policy then cash payments will not reduce the death benefits payment. The sum assured plus the bonus accumulated till the date of the policy will be paid to the nominee of the policyholder. Max New York Life does not have a money back policy. However, it has a 5 year term renewable and convertible policy. The policy renews automatically every five years, for an additional five year term till the policyholder reaches the age of 60.