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Endowment insurance policy

 

 

Endowment is an insurance product, which pays lump sum amount at the time either death or on maturity. It will provide insurance cover for the policy term and pays sum assured along with accrued bonuses at the end of tenure. In case of demise of the insured person within the tenure, sum assured plus bonus is paid to the nominee. Bonus is paid for the number of years the policy was in force. Endowments are best known for saving with protection element.

 

Premium paid under this type of policy is slightly higher than other types of insurance policies i.e. term insurance. The reason for higher premium is that it will generate bonus every year and share profit of the insurance company with the insured.

 

Endowment policies can also be used to build retirement corpus by way of systematic investing till retirement and using the accumulated amount to purchase a pension plan. It will provide security to the family in the event of untimely death of key member. Standard of living and various crucial expenses can be maintained with the help of policy proceedings.

 

Endowment policy will provide bunch of benefits like insurance coverage, wealth creation and savings. Regular premium payments will get accumulated, which will help you to build a corpus to satisfy various requirements in future, when you will not have any source of income available. On the death of the family member, emotional loss cannot be covered but to overcome financial losses, insurance policies are useful.

 

Endowment policies are of two types: - With-Profit and without profit policy.

 

With Profit policy: In case of death of the policyholder, the nominee receives sum assured along with bonus accumulated till the policy was in force. On maturity, Sum assured plus accrued bonus over the term is paid to the insured.

 

Without profit policy: Only sum assured is paid to the nominee at the time of death or maturity, which is to some extent similar to term insurance.

 

 

 

Benefits of endowment policy:

 

        Guaranteed maturity benefits are provided to the insured or beneficiary at the end of term

        Premiums allocated are allowed as tax deductions and maturity benefits or death benefits received are tax-free in the hands of policyholders

        Endowment policy offers financial security and complete protection to the affected family in case something happens to the key member

        Additional riders can be added to the policy, which will lessen your financial burden at the time of hazardous events.

 

Various goals and dreams including marriage and education of children, post retirement expenses, abroad holiday and including special occasions in your dependent?'s life can be fulfilled by way of endowment policy.

 

Individual should honestly and sincerely disclose all the material facts and personal details with the insurance company. Any promise or assurance made by agent or insurer will be only treated as true if it is acquired in writing form.


 

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