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Unlike ordinary
endowment insurance plans where the survival benefits are payable
only at the end of the endowment period, money back policies provide
for periodic payments of partial survival benefits during the term
of the policy, as long as the policy holder is alive. |
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An important feature of this type of policies is that in the event
of death at any time within the policy term, the death claim
comprises full sum assured without deducting any of the survival
benefit amounts, which may have already been paid as money-back
components. Similarly, the bonus is also calculated on the full sum
assured. |
