Tuesday, February 11, 2020

What is an Endowment Plan?

Imagine a single insurance plan providing the benefits of regular income, wealth creation and life insurance. An Endowment Plan allows you to save regularly,invest systematically, receivea lump sum maturity amountand a periodic payout - all this while enjoying a life cover.
Endowment Plan

What is an Endowment Plan?
An Endowment Plan is designed to pay back a lump sum amount after a specified term or on death of the policyholder. It provides a living benefit to the policyholder as periodic payouts along withinsurance coverage.
It pays back the face value to the insured either at death or after certain years of the premium payment.
Features of Endowment Plan
  • On maturity, a pre-determined amount (adjusted for the company performance and premium defaults) will be paid to the policyholder on its maturity
  • In case of demise, the beneficiary would be entitled to the sum assured or the accumulation amount,less outstanding premiums, whichever is higher
  • The returns are earned on a compounding basis, during the term of the plan
  • Limited payment of premiums
  • High Liquidity
  • Savings oriented
Why do you need an Endowment Plan?
In addition to the basic benefits discussed above, an insurance companyalso provides additional benefits like double endowment and education/marriage endowment plans. An endowment plan allows the policyholder to add riders for critical illnesses, major surgical assistance, etc.
Types of Endowment Plan
Endowment Plansare classified into the following categories
  
Unit Linked EndowmentUnder this policy, the insurance premium is distributed into several units of a specified investment fund. The insurance holders can choose the fund, where they want to invest their premiums.
Full EndowmentIt is a policy, in which the basic amount ensured is equivalent to the death benefit from the beginning of the policy. The final payout is relatively higher, based onspeculated market-led appreciation.
Low Cost EndowmentDesigned to amass the sum needed to pay after a given period, usually for paying off a mortgage. However, there are no guarantees; investors may have to increase their premiums to build up enough to pay off their mortgage.
Who needs an Endowment Plan?
If you are looking for a policy, which gives you more than just pure life cover, an Endowment Plan is the most appropriateoption. Entitling the policyholder to triple benefits of savings, wealth creation, and insurance coverage, it is a right policy for the people of any age group and saving capacity.
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