About This Course
An endowment policy is a life insurance policy that not only gives a sum assured in case of the policyholder’s death, but also gives
a higher amount on maturity of the policy. The endowment policy allows you to protect your family in case of your death as well as allows you to save more for your family in case you live longer than the policy tenure. A part of the premium paid for the endowment scheme is invested in bonds, shares, funds, or other investment methods. This allows your savings to yield more profit over the years. So an endowment policy is both an investment plan as well as an insurance plan.
Why do you need an Endowment Policy?
A pure life policy such as a term insurance plan is useful only if you die an untimely death while the policy is active. While that is very useful to your family considering how unexpected life is, a plan that gives you both maturity benefits and death benefits is better in case you outlive the policy. An endowment policy not only helps your family in case of your demise, but also helps you take care of large expenses that come later in life, such as education of children or grandchildren, a child’s wedding, medical procedures, taking care of retirement income, buying a house, etc.
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