Everyone wants to live a long life and see their family flourish. Contrary to popular belief, life insurance isn’t just a pessimistic plan meant to protect your loved ones after your untimely death or disablement.
You can even use a life insurance policy to secure a happy, fulfilling post-retirement life you can enjoy with your whole family, with the invaluable help of an Endowment Life Insurance policy.
An endowment policy is a type of life insurance policy that provides dual benefits of insurance coverage and long-term savings. It helps you save a small amount regularly over a period (the policy duration) and get a lump sum amount on maturity. The maturity amount is paid if you survive the policy tenure. What makes them one of the most useful types of life insurance policies is that they help fulfill long-term goals in life. You will also get the maturity amount if you survive the policy tenure.
Death along with survival benefits: Endowment plans are unique in the sense that the these plans guarantee the payment of benefits to the policy holder in the event of she/he survives the term of the plan and also entitles her/nominee(s) to receive the sum assured together with other additional bonuses in the event of the policy holder’s demise during the plan term.
Higher returns: The feature of extra bonuses means that the overall returns from an endowment plan tend to be higher than that from any traditional life insurance plan or term insurance plan. Since apart from the regular sum assured, additional payable amounts are combined, hence the plan benefits are higher.
Premium-payment frequency: Generally, the insurers offering endowment plans offer quite flexible premium-payment terms. This means that the policy holder can pay the premium in a frequency chosen as per her/his convenience. The frequency can be monthly, bi-annual, annual or even a one-time lump sum payment.
Flexibility in cover: An endowment plan offers the benefit of flexible coverage and the policy holder can choose to purchase additional benefits in the form of riders like partial/total disability riders, critical illness riders, accidental death rider etc. This impacts the payable premiums but the scope of coverage becomes very flexible.
Income Tax benefit: An endowment plan comes with tax benefits because the payable premiums as well as the main plan benefits (sum assured and the maturity proceeds) are eligible for tax-exemption under Sections 80C and 10D of the Income Tax Act, 1961.
Investing in an endowment plan reduces the risk of your investment. It guarantees returns and can be a critical tool for managing risk.
Along with investment risk, an individual faces risk to life. An endowment plan insures the financial future of one’s family, in their absence, and covers the risk to life. By investing in an endowment policy, you can eliminate investment as well as life risk through a single product.
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