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Endowment Insurance Policy

Endowment Insurance Policy

An endowment insurance offers death cover if the life insured dies during the term of the policy and also offers a Survival benefit if the life insured survives until the maturity of the policy.

Some of the key features of an Endowment insurance plan are -

• If the life insured survives the entire term of the plan, then a specified amount is paid to him/her on maturity of the plan

• If the life insured dies before the maturity of the plan, then the death cover benefit is paid to the nominee/beneficiary

• Savings element: After deducting the death cover charges & administration charges from the premium, the remaining amount is invested by the insurance company. The returns earned are later paid back to the life insured in the form of bonuses.

Insurance
[Post Image Courtesy of JK1991 at FreeDigitalPhotos.net]

• Goal-based investment: Helps in accumulating money for specific plans like a child’s higher education or marriage, etc.

• Some insurance companies also allow partial withdrawal or loans against these policies

• There are different variants under this plan –

− Higher death cover than the maturity benefit

− Maturity benefit is double the death cover, known as a double endowment insurance plan

Insurance Law And Practice - ICSI

About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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