An endowment plan is comes with protection for a limited time period. Hence, the policyholder  has an option to continue with the pan till he wants. In case of death of the policyholder, the nominee gets the sum assured and the bonus (if any). Same is the case if police gets matured.

Types of Endowment Policy

There are 2 types of endowment plans –

  1. Endowment with profit plan – Here nominee receives sum assured plus bonus for the period the plan was in force
  2. Endowment without profit plan – In this type. the nominee gets the sum assured money only in case of death of the policyholder

Benefits of Endowment Policy

Endowment Policy comes with the following benefits –

  • Helps in getting tax benefits
  • The plan offers financial security
  • You can be assured of the maturity benefits

Companies offering Endowment Policy

Some of the insurance companies offering Endowment plans are

  • Reliance Life Insurance – Super Endowment Plan
  • Kotak Life – Classic Plan
  • LIC – New endowment plan
  • HDFC Life – Endowment assurance plan
  • SBI Life – Endowment plan etc
Endowment Plan
Rating: 5
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Comments:

  • February 28, 2020 at 5:50 am
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  • October 6, 2017 at 7:40 am
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    Endowment plans are the best ones. I bought it one for me and one for my wife too.

    Rating: 5
    Reply

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