An endowment policy covers risk for a specified period, at the end of which you receive the sum assured plus all the accrued bonuses. Endowments are considerably more expensive (in terms of annual premiums) than either whole life or term plans.
As your children grow up and get independently settled, your responsibility to protect the family financially reduces significantly. The focus now shifts to managing just yourself and your spouse in your golden years. You can either use the endowment amount to buy an annuity policy to generate a monthly pension for the rest of your life, or put it into any other suitable investment of your choice.
Endowment policies are extremely popular. And we have all of them here.