An endowment policy covers you for a specified time period. If the policyholder dies within the term of the plan, the nominees get sum assured + accrued bonuses. On maturity the insured receives the sum assured + the bonus for the term of the policy. Such policies offer the dual benefit of investment and savings.
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The key benefit of an endowment plan is that it offers life insurance cover across the policy term and the savings benefit. You enjoy the survival benefit at maturity. You can enhance the cover with riders.
The key benefit of an endowment plan is that it enables financial goal based savings, offers tax benefits as well as ensures risk protection. People who tend to spend excessively may opt for an endowment plan to instill financial discipline as well as fulfill long-term saving goals. Endowment plans can also be availed if you are looking for tax saving options.
There are several types of endowment plans available in the market today. You must choose the plans according to financial goals and income. The premiums of endowment plans vary across insurers. Listed below are some of the plans that you may choose from:
Consider availing an endowment plan based on income, lifestyle and risk appetite. There are a plethora of endowment life plans offered by various insurers. To choose the best plan, compare quotes of different insurers and go through the customer reviews. Check the claim settlement ratio of the insurer before zeroing on an endowment life plan.
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