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 –
- Endowment with profit plan – Here nominee receives sum assured plus bonus for the period the plan was in force
- 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