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What are the benefits of endowment plan?

By IndianMoney , 1 year ago

Benefits of Endowment Policies: 1. The endowment is an insurance come savings plan 2. An endowment plan will pay out a sizeable lump sum amount at the end of the policy term. 3. The premiums you pay for the endowment plan are deducted from your taxable salary up to INR 1.5 Lakhs per year 4. The money your family (spouse and children), receive on your (policyholders) death, is tax-free under Section 10(10D) In terms of investing, endowment plans are relatively safer than other types of investments The endowment plan enable long-term savings. Policyholders have the option of opting for additional riders that provide cover for specific illnesses, critical illnesses, disabilities, etc.

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