Endowment Plans
Endowment plan is a life insurance policy which provides you with a combination of both an insurance cover and savings plan.
The policyholder gets sum assured on a fixed date in future as per the policy terms and conditions.
This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders.
Benefits:
- Endowment plans serves you with a dual purpose as it not only works as an insurance policy but also offers you with long term investment benefit.
- Insurance premiums paid are deductible from taxable income under Section 80C.
- Endowment Plans provides insurance cover during the policy term.
- Endowment plans offers long term savings. You can choose a policy term ranging from 10, 15, 20, 30 to 40 years.
Features:
- Endowment policy is helpful in building a corpus for future and providing financial protection to your family.
- Payment can be done on monthly, quarterly, half-yearly, and on yearly basis.
- Traditional Endowment policies are considered safer as compared to the other investment option