What is Endowment Policy?
An endowment policy is a type of life insurance plan which not only covers your life, it also helps save money. It is insurance cum savings plan. If the policyholder dies within the term of the plan, the nominees get the sum assured + accrued bonuses. If the policy holder survives till the maturity of the plan, he/she gets the sum assured + all bonuses. An endowment plan is an excellent way to save over a specific period of time and enjoy a lump sum at maturity, on surviving the term of the plan.
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Features of an endowment plan:
As Indian Money Company, if the policy holder dies within the term of the plan, the nominee gets the sum assured and accrued bonuses. If the policy holder survives till maturity, he gets the sum assured and all bonuses like guaranteed bonus, revisionary bonus and a terminal bonus.
An endowment plan helps save for the future and attain financial goals.
Endowment plans offer flexibility in premium payments. Premiums can be paid on a monthly, quarterly, semi-annually or a yearly basis.
You have riders like accidental death benefit rider, critical illness and even total permanent disability rider. Child endowment plans come with a special feature called waiver of premium rider (WOP). The waiver of premium rider ensures that all future premiums are waived off in case of total and permanent disability of life assured.
You enjoy tax benefits up to Rs 1.5 Lakhs a year under Section 80C of the income tax act. Death benefits enjoy an exemption under Section 10(10D).
Endowment plans are safe vis-à-vis market-linked plans like ULIPs. Returns are not affected by market movements unlike equity funds which are very volatile.
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