What is a money back plan?

A money back policy is a form of life insurance that helps you save your funds over the policy term for a maturity benefit while also receiving payouts during regular intervals throughout the policy term.

Can I customize a money back plan as per my needs?

Yes, if your money back policy offers different plan options with different policy terms and premium payment terms, you can choose a sum assured and a premium payment mode as per your needs and budget and customize your money back policy.

What purpose does a money back policy serve?

A money back policy serves as a savings policy and a mode of receiving guaranteed payouts during the policy term. Moreover, life insurance money back plans also offer life insurance protection to you and your family so that in the event of an unfortunate occurrence, they are able to support themselves.

When is the best time to opt for a life insurance money back policy?

Try and opt for a money back plan when you have planned out a certain timeline for the fulfilment of your financial goals. Money back plans start paying out survival benefits after a few years in the policy. At the end of the policy term, you can be eligible for a maturity benefit if you outlive the policy term. Get a money back plan that syncs well with your long-term and short-term goals.

Is it possible to surrender a money back plan?

You may choose to surrender your money back plan as long as the policy has acquired a surrender value. However, it is recommended that you do not surrender your money back plan as it can provide guaranteed income and maturity benefits to you to help you achieve your financial goals.

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Money Back Policy

With a money back policy, get regular income throughout the policy term, as well as a lump sum amount at maturity. Money back... Read more plan provides both life insurance coverage and periodic payouts. These payouts can be used for various purposes such as education, marriage, buying a house, or meeting other financial objectives. Read less

Pay only ₹8830/month+ for 10 years
Get ₹47 Lakh⁺
Total Maturity Benefit

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Table of Content

What is a Money Back Policy?
Popular Tata AIA Savings Plans
Features of a Money Back Policy
Who Should Buy a Money Back Plan?
How to Choose a Money Back Policy?
Difference Between Fixed Deposit and Money Back Policy

Eligibility Criteria for Money Back Policy
Documents Required for Money Back Policy
Other Tata AIA Life Insurance Plans in Different Categories
Riders Available with a Money Back Policy
Why Buy from Tata AIA Life Insurance?

What is a Money Back Policy?

A money back policy is a type of life insurance savings plan. It helps you save your money and pays a percentage of the benefit back to you in regular intervals during the policy term. In a money back plan, some amount of the sum assured is paid out over the course of policy’s tenure, also known as the survival benefit. Whereas the rest of the sum assured will be paid out on maturity with any bonuses, if declared.

An important feature that sets money back policy apart from any other savings plan is that the sum assured and accrued bonuses will be paid out as a death benefit. The benefit is provided even if a certain amount of the sum assured has already been paid out during the policy term. However, this will only include the sum assured and bonuses accumulated, only until the demise of the policyholder.

For a better understanding, let’s look at this example:

If Neerja buys a money back plan of 5 Lakh for 20 years, she will pay the premiums for 20 years and will start receiving 15% of the payouts after the 5th, 10th, and 15th policy years. Hence, 45% of the sum assured will be paid out during the policy term, and on maturity, she will receive the remaining 55% along with any declared bonuses. But in case of her demise in the 18th year, her family gets the sum assured and bonuses accrued until the 18th year.

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Tata AIA

Fortune Guarantee Plus

Key benefits

Pay 8830/month⁺ for 10 yrs

Get 47 Lakh+ total maturity benefit
Get your premiums² back
Health cover against 40 critical illnesses³

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Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N158V14)

Tata AIA

Guaranteeed Return Insurance Plan

Key benefits:

Get guaranteed⁴ income to fulfil your life goals
Avail guaranteed⁵ additions to boost corpus
Save tax up to ₹46,800⁶

Calculate Premium Know More

Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN:110N152V14) | ^4/5T&C apply

Benefit Illustration

Let's take a look at Mr. Rahul's case to understand how a money back policy works.

Policy Details

Policy Term: 20 years
Sum Assured: ₹20 lakhs
Survival Benefit: 20% of the sum assured paid every 5 years

Survival Benefits

Mr. Rahul will receive periodic payouts during the policy term as follows:

End of 5th Year: ₹4 lakhs
End of 10th Year: ₹4 lakhs
End of 15th Year: ₹4 lakhs

Maturity Benefit

If Mr. Rahul completes the full 20-year policy term, he will receive the remaining:

End of 20th Year: ₹6 lakhs + any applicable bonus.

Death Benefit

If Mr. Rahul passes away at any point during the policy term, his nominee will receive the full sum assured of ₹20 lakhs, regardless of any survival benefits already paid.

Features of a Money Back Policy

Guaranteed Returns

A money back policy lets you save money and pays out the returns after a few years into the policy year. These plans provide guaranteed returns in the form of Survival Payouts / maturity benefits / death benefit / all of these.
Survival Benefits

The survival benefits of a money back policy are offered at regular intervals during the policy term.

The survival benefit is a certain percentage of the sum assured that will be paid out after the policyholder has been invested in the policy for a few years. For example, in the Tata AIA Money Back plus plan, 20% of the sum assured is paid out in thrice during the policy term at regular intervals. Hence in all, 60% of the sum assured is paid as survival benefit. The survival benefit ensures regular income for the policyholder of the money back policy.
Death Benefits

In case of the policyholder’s untimely demise, a money back policy pays the sum assured as a death benefit to the policyholder’s nominee or family. As a form of savings plan that also offers a life insurance cover, a money back insurance plan pays out a death benefit in case the policyholder passes away during the policy term.
Maturity Benefits

The maturity benefits of a money back policy are paid out at the end of the policy term once the policy matures. Even though the survival benefits are being paid out at regular intervals, you can still receive the maturity benefits, which may include declared bonuses, subject to you surviving the policy term.
Bonuses to Increase the Sum Assured

In a money back life insurance, the sum assured could increase if the insurance company declares a bonus. While a simple reversionary bonus adds to your total sum assured, a compound reversionary bonus is added to the previous year’s Sum Assured and paid out on the new increased sum assured.
Optional Riders¹

You can choose to enhance the coverage of your life insurance money back life insurance with an optional rider. By paying a nominal additional premium, you can protect your money back savings in case of an emergency. For instance, a waiver of premium rider can help waive off future premiums on the policy in case of the insured’s death or permanent and total disability.

Who Should Buy a Money Back Plan?

The following individuals may be the right fit for a money back plan.

Young Families: To maintain financial support for family members in the event of unexpected circumstances.
Savers and Investors: Money back insurance policy is suited for those interested in assured returns with life insurance protection.
Risk-Averse Individuals: The policy is suitable for those who want safe, low-risk investments with assured returns.
Retirees: Policy provides a regular flow of income to individuals in their post-retirement years, without the risk of market fluctuations.
Long-Term Planners: Can be useful for value investors, helps them achieve long-term financial objectives through systematic and disciplined savings.
Tax Savers: Offers tax benefits under the provisions of the Income Tax Act, making it a reasonable option for those looking to reduce taxes.

How to Choose a Money Back Policy?

Choosing a money back policy is not about going for the first policy you find. Look into the following factors to ensure that you have a suitable money back policy that helps you meet your short-term and long-term goals:

Financial goals

A money back policy is meant to help you fulfil your short-term and long-term financial goals. Therefore, estimate the funds you will need to fulfil these obligations so that you can invest that amount in the money back policy and get the returns as the policy term progresses.

Financial goals

A money back policy is meant to help you fulfil your short-term and long-term financial goals. Therefore, estimate the funds you will need to fulfil these obligations so that you can invest that amount in the money back policy and get the returns as the policy term progresses.
Decide on the policy term

Depending on when you need to meet your goals, choose a money back policy term that will enable you to receive the payouts when you need the funds. Deciding the policy term will also help you plan the premium paying term and invest in the money back life insurance plan.

Decide on the policy term

Depending on when you need to meet your goals, choose a money back policy term that will enable you to receive the payouts when you need the funds. Deciding the policy term will also help you plan the premium paying term and invest in the money back life insurance plan.
The right sum assured

A sum assured that is too low may not be enough for your needs when the benefits are paid out as a survival benefit or even at maturity. Plan an adequate sum assured considering various expenses and financial obligations, so that the payouts and maturity benefit provide enough financial support.

The right sum assured

A sum assured that is too low may not be enough for your needs when the benefits are paid out as a survival benefit or even at maturity. Plan an adequate sum assured considering various expenses and financial obligations, so that the payouts and maturity benefit provide enough financial support.
Number of payouts

If you have financial obligations to be fulfilled during the policy term, such as repaying some EMIs, you can plan the number of payouts such that you can manage your repayment schedule with the money back policy benefits and utilise them to fulfil your financial commitments.

Number of payouts

If you have financial obligations to be fulfilled during the policy term, such as repaying some EMIs, you can plan the number of payouts such that you can manage your repayment schedule with the money back policy benefits and utilise them to fulfil your financial commitments.

Difference Between Fixed Deposit and Money Back Policy

Here is a comparison of Fixed Deposits (FDs) and the best money back policy:

Features	Fixed Deposit	Money Back Policy
Risk level	Low	Medium
Returns on Investments	Fixed rate of interest for a fixed term	Periodic payouts (survival benefits) and a lump sum on maturity
Returns	Generally lower	Can be higher, especially with bonuses
Liquidity	Limited. Premature withdrawal allowed with penalties	Moderate. Liquidity through periodic payouts. Surrendering may involve restrictions
Insurance Coverage	No life insurance coverage	Life insurance is provided
Tax Benefits	-Interest is taxable -Tax benefits only on Tax-Saver FDs u/s 80C	-Premiums eligible for deduction u/s 80C - Maturity and death benefits tax-free u/s 10(10D)
Flexibity	Low	High
Term	1-5 years	10-30 years
Payouts	Lump sum at maturity	Regular payouts during the policy term and a lump sum on maturity
Death Benefit	No	Yes

Eligibility Criteria for Money Back Policy

Age at Issue: The policyholder should meet the age criteria for the money back policy. The minimum age at issue and maximum age at issue will differ with policies or as per the plan option selected by you.

Age at Maturity: While the maturity age may vary across policies, the minimum and maximum age at maturity for the Tata AIA Life Insurance Money Back Plus is 18 years and 75 years, respectively.

Documents: When purchasing a money back policy, you will be required to provide proof of income. The proof of income document will indicate that you can pay the policy premiums as per the sum assured chosen by you.

Documents Required for Money Back Policy

The following documents are required for a money back policy.

Category	Accepted Documents
Proof of Age	Birth Certificate Passport Voter ID Card High School Certificate Driving License
Proof of Address	Aadhar Card Electricity Bill Passport Driving License Telephone Bill Ration Card
Proof of Identity	Aadhar Card Passport PAN Card Voter ID Driving License
Proof of Income	Bank Statements Salary Slips Income Tax Returns

Other Tata AIA Life Insurance Plans in Different Categories

Savings Solutions

Tata AIA Life Insurance savings plans enable you to build your wealth in the form of long-term savings over the policy period. They offer guaranteed returns on maturity to fulfil your financial goals and a life cover to protect your dear ones.
Term Insurance

Our Tata AIA Term Insurance plans can help you secure the future of your loved ones through a pure life cover. You can protect them from the impact of uncertain events such as loss of income, death, medical emergencies, and more.
Wealth Solutions

Tata AIA Life Insurance Unit-Linked Insurance Plans help you achieve your goals by creating and growing your wealth through investments. You enjoy the benefits of market-linked8 returns along with a secure life cover.

Riders Available with a Money Back Policy

You can add optional riders⁷ to your money back policy depending on your needs and the type of emergency you want to prepare for. With our riders, you can add coverage for hospitalisation, critical illness like cancer, heart ailments, etc, death, accident-related death/disability, and more.

The rider benefits can be taken in the form of a lump sum, income for a specified period, or income till the survival of your partner, or as a waiver of premium. Here are some of the optional riders or covers that you can add to life insurance money back plans for a nominal additional premium:

Critical Illness Rider	Covers critical illness, which includes cancer, heart ailments.
Hospitalisation Rider	Helps cover hospitalisation costs
Accidental Total & Permanent Disability	Covers total and permanent disability due to accidents
Accidental Death	Covers death due to an accident
Term Booster	Additional benefit paid to the nominee on the Insured’s death
Waiver of Premium	Premium waived in case of Death/ Accidental disability or critical illness, as applicable, to enable you to enjoy continuity of benefits even though you cannot pay premiums.

Why Buy from Tata AIA Life Insurance?

Here are a few reasons why you should opt for a money back policy from Tata AIA Life Insurance:

01.

Choice of Plans

With three flexible money back insurance plan options, you can choose from any policy term and premium payment term as per your needs. You can further customise the policy with a sum assured and premium payment mode of your choice.
02.
Life Insurance Coverage

When you buy a money back plan from Tata AIA Life Insurance, you can avail of a life insurance cover along with the survival and maturity benefits. Hence, you can secure your financial future and also protect your family members.
03.
Guaranteed Payouts

After a few years into the policy, you can start receiving guaranteed survival benefit payouts at regular intervals through the policy term. These survival benefits are a percentage of the sum assured and help you with your financial obligations.
04.
Inbuilt Accident Benefit

An inbuilt accident benefit in the Tata AIA Life Insurance money back policy pays out an amount equal to the basic sum assured in case of the policyholder’s untimely demise, which is over and above the death benefit from the base policy. This benefit is available for all insureds with age at entry 18 years or above.
05.
Claim Settlement Ratio

For the year FY2024-25, Tata AIA Life Insurance has had a high claim settlement ratio of 99.41%, which is proof that your claims will be settled on time and effectively through a smooth process without any difficulties or hassles.

FAQs on Money Back Plans

Generic Coverage Premiums Claim

What is a money back plan?

A money back policy is a type of life insurance that helps you save your funds for a maturity benefit and offers payouts during regular intervals throughout the policy term.
Can I customise a money back plan as per my needs?

Yes, if your money back policy offers different plan options, you can customise it to choose the sum assured and premium payment mode as per your needs and budget.
What purpose does a money back policy serve?

Money back policies serve as a savings policy and a mode of receiving guaranteed payouts during the policy term. They also offer life insurance protection to you and your family.
When is the best time to opt for a life insurance money back policy?

Money back plans start paying out survival benefits after a few years in the policy. So, opt for a money back plan when you have a planned timeline for fulfilling your financial goals.
Is it possible to surrender a money back plan?

You may choose to surrender your money back plan as long as the policy has acquired a surrender value. However, you’ll lose the guaranteed income and maturity benefits.

What is the inbuilt accident benefit in the Tata AIA Life’s Money Back Plan?

Tata AIA Life’s Money Back Plan inbuilt accident benefit pays out an additional amount equal to the basic sum assured in case of the policyholder’s untimely demise due to an accident.
Are there tax benefits for all money back plans?

Yes. Section 80C of Income Tax Act offers tax benefits for money back policies, while death and maturity benefits are tax-exempt under Section 10(10D), subject to policy terms and conditions. Tax benefits are subject to changes in tax laws.
Does a money back policy also offer life insurance coverage?

Yes, life insurance money back plans offer life insurance coverage to fulfil your family’s needs and also financial commitments with guaranteed payouts during the policy term.

How can I ensure affordable premiums for my money back plan?

Tata AIA Life Insurance allows comparing different plan options to select which money back policy suits your needs. You can choose a coverage amount and policy term for reasonable premiums.
How to pay the premiums under a money back policy?

You can pay the premiums on an annual, semi-annual, and monthly basis under a life insurance money back policy.
What is the minimum and maximum sum assured under Tata AIA’s Money Back Plus?

You can choose a minimum sum assured of Rs. 2,00,000 under Tata AIA’s Money Back Plus. However, there is no limit to the maximum sum assured, subject to policy underwriting.
For how many years do I need to pay my premiums for my money back policy?

Tata AIA Life Insurance Money Back Plus offers three plan options. The premium amount depends on the policy term and the premium payment terms of your preference.

What type of claims can be filed on a money back insurance plan?

In case of the policyholder’s death, their nominee can file a death claim on the money back policy. If the policyholder outlives the policy term, they can file a maturity claim.
Can a claim be processed if the nominee is not in India?

Yes. A nominee who is not in India can upload attested copies of their documents online or send them by email to file a claim. The claim will be processed subject to the terms and conditions.
How can my nominee file an online or offline claim for a money back policy?
As a nominee, you can file a claim after the policyholder’s death and contact us through any of the given channels:
- Email us at: customercare@tataaia.com
- Call our helpline number - 1860-266-9966 (local charges apply)
- Walk into any of the Tata AIA Life Insurance Company branch offices
- Write directly to us at:
The Claims Department,
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway,
Thane (West) 400 607.
IRDA Regn. No. 110
What documents are needed to file a claim?

The filled claim form, policy document, identity proof, medical reports, etc., are required to file a claim. Please click here to know the list of documents needed for the claim intimation and settlement process.
How soon can a claim be settled?

It takes 30 days, as per the regulatory TAT (turn-around time), to settle a claim. But if any further investigation is required, the process will take up to 90 days, as per TAT guidelines.
When does the death claim need to be filed?

The death claim should be filed soon after the policyholder’s death. You can file the claim upon obtaining the death certificate, along with other required documents.

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Disclaimer
- The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus (UIN: 110N158V14) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan.
- The complete name of Tata AIA Guaranteed Return Insurance Plan is Tata AIA Life Guaranteed Return Insurance Plan UIN:110N152V14 - Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan
- *Guaranteed Income shall be total of Guaranteed annual Income plus Income Booster payable in a year. Guaranteed Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
- ⁺Premium excluding taxes for age group of 18 to 50, Male, Standard life, Plan Option 1 (Regular Income), Policy term 15 years, Income term 30 years. Total Guaranteed Benefit: Rs. 47,49,400
- ¹Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
- ²Return of Premium shall be the sum of Guaranteed Maturity Benefit plus Milestone Benefit and shall be payable at the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
- ³Available under Regular Income with an Inbuilt Critical Illness Benefit option
- ⁴Guaranteed Annual Income (GAI) in the Regular Income option is a percentage of one Annualised Premium while in the Whole Life Income option is a percentage of the Total Premiums Paid
- ⁵Guaranteed Addition (Endowment option) defined as a percentage of GMB shall accrue at a simple rate for each completed policy year starting 2nd policy year, throughout the Policy Term and shall be payable on Maturity or Death whichever is earlier, subject to all due premiums being paid. GA shall accrue @ 7.5% of GMB
- ⁶Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000 as per old tax regime. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax-Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- ⁷Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch.
- ⁸Market-linked returns are subject to market risks and terms & conditions of the product. The assumed rate of returns or illustrated amount may not be guaranteed and depends on market fluctuations.
- This product is underwritten by Tata AIA Life Insurance Company Ltd. The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance
- Insurance cover is available under this product.
- For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and conditions of this plan are specified in the Policy Contract.
- Risk cover commences along with policy commencement for all lives, including minor lives.
- Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
- In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
- For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
- All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust, and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
- L&C/Advt/2025/Jul/2591