An endowment policy is essentially a life insurance policy which, apart from covering the life of the insured, helps the policyholder save regularly over a specific period of time so that he/she is able to get a lump sum amount on the policy maturity in case he/she survives the policy term. This maturity amount can be used to meet various financial needs such as funding one’s retirement, children’s education and/or marriage or buying a house.
A life insurance endowment policy pays the full sum assured to the beneficiaries if the insured dies during the policy term or to the policy holder on maturity of the policy if he/she survives the term.
Thus, “any life insurance plan with a saving component and lump sum maturity benefit can be termed as an endowment plan. That can be a unit linked insurance plan (ULIP) or a non-ULIP. However, in common parlance, only a non-ULIP saving-linked life insurance plan is referred to as an endowment plan.
Endowment plans, thus, fulfill the dual need for a life cover and savings under a single plan. They are one of the traditional forms of life insurance plans available in the Indian market.
Endowment policies are basically of two types – with profit and without profit. Within these two classes there are many variations of endowment plans structured to meet the need of child education, whole life protection and pension, among others.
“The key benefits of any endowment plan include financial protection of loved ones, goal-based savings, tax benefits under section 80C and 10(10D) of the Income Tax Act and the options to obtain loan against the policy, in case of any financial emergency
Here is the some LIC’s Endowments Plans. As become your LIC Agent in Ahmedabad ask us for Reviews, Charts, Presentation, Various kind of combinations on Endowment Policy feel free to contact us. In this kind of endowment policies there is a fixed term like 20, 25, 30 years terms. After completion of policy period policyholder can get basic sum assured plus bonus on maturity. Bonus will be declared by LIC once in a year basis on corporations experience. Policy holder can also choose the various kind of options to withdrawal within 10 years regular interval. During this 10 years you can also opt for a monthly, quarterly, half yearly or yearly options. Policy holder can decide their maturity options on their own way in such kind of endowment policy. Ask us for new latest endowment plans. This plans have low premium high returns on your investment.
Ask to our Authorized Experts Insurance Consultant/ Agent for Detail Charts/ Presentations/ Examples/ Illustrations Various kind of options available in this Plan how much money you will get on maturity. Write your Reviews or compare with any other private insurance company online here.