Exide Life My Money Back Plan: High costs, low returns

Exide Life My Money Back Plan is a traditional money back insurance policy by Exide Life Insurance Co. Ltd. Being a money-back plan, it pays a percentage of the sum assured at regular intervals throughout the policy and on maturity, pays the sum of bonuses. In terms of cost comparison of the net yield with other traditional plans, the costs in this plan are one of the highest as the net return is only 4% when the gross rate is 8%. What we like about this policy is that it doubles the entire death benefit in case of death due to an accident; however, it is still no match for a term plan for your insurance needs. Even in terms of investments, you can give it a miss, says Melvin Joseph, a certified financial planner and founder, FinVin Financial Planners.