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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.

[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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