ENDOWMENT POLICY- In an Endowment Policy, the sum assured is payable even if the insured survives the policy term. If the insured dies during the tenure of the policy, the insurance firm has to pay the sum assured along with the accumulated bonus during the tenue of the policy. If the person covered remains alive beyond the tenure of the policy, he gets back the sum assured with some other investment benefits. In addition to the basic policy, insurers offer various benefits such as double endowment and marriage/ education endowment plans.
High Premiums ! High bonus ! Low liquidity ! Higher Savings oriented
Suitable for people who do not need High Life cover but want to generate long term Savings for Children or Retirement Planning
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