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Endownment Policy
Buy all kind of Insurance Plans at a Single PlatformSavings Become Better with Endowment Policy
About Endowment Policy?
Endowment policy guarantees that a sum of money will be given to the policyholder or his/her beneficiaries whether they live until the policy matures or not. The face value of the policy can only be given on the maturity date to the holder or one of his/her beneficiary. This plan is one of the major reasons in cases where a child has killed his parents.
Why to buy an Endowment Policy?
They provide a disciplined means of saving money for future needs. It covers life risk coverage which helps the family and other dependents of the policyholder any unforeseen event occurs. They offer the maturity amount to the policyholder if he/she survives the policy plan. These policies are typically traditional with-profits or unit linked.
Benefits of an Endowment Policy
How to select the Best Endowment Policy
Investing early provides a long horizon to invest. This helps you build a huge corpus over time. It facilitates disciplined savings and ensures good returns due to the power of compounding. Investing in an endowment plan at an early age also offers the benefit of getting insurance coverage at an early date.
In order to invest in an endowment plan, it is necessary to make premium payments frequently. A part of the premium amount is used to purchase a life insurance scheme. The remaining amount is invested in either a profit-basis or non-profit basis type of plan.
There are numerous flexible options to choose from. If you are a fix-salaried individual, you may opt for a regular pay endowment plan. There are flexible options and single pay plans for those with irregular income.
