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Compare Endowment Policies

Endowment Policy

Endowment policies cover the insured for a specified period. Thus, the insured has the option to insure himself till he wishes to be insured. Upon the death of the insured (during the term of the policy), the nominee receives the sum assured plus the bonus, if any. Bonus is paid for the number of years the policy was in force. Upon maturity, the insured receives the sum assured plus the bonus for the term of the policy, if any. Thereafter, the insured is not covered by the policy. Endowment policies are broadly classified into two types - Endowment - Without profit and Endowment - With profit.
The endowment without profit policies are also known as term insurance plans offer the nominee the sum assured only, upon death of the insured.

Endowment- With Profit: In this type of policy the nominee receives sum assured plus bonus for the number of years the policy was in force in case of policy holder's death. In case of survival upto the policy term the insured receives sum assured plus bonus for the term of the policy. These policies participate in the profits of the insurance company.

Guaranteed Policy

Endowment insurance policies guarantee that a sum of money will be given to you or your beneficiaries whether you live until the insurance policy matures or you die early. The face value of an endowment policy will be given to the policyholder on the "maturity date" or to the beneficiary of the life insurance policy in the event the insured dies. The bonuses under the policy are not guaranteed. Thus with endowment policy you get the dual advantage of guaranteed policy benefits and non guaranteed bonues.

Benefits of Endowment Policy

Endowment policies give you the following benefits:
1. They are low risk plans to invest in since the maturity benefits are guaranteed.
2. The endowment policy gives your loved ones financial security.
3. Endowment policies help you avail tax benefits.

Additional Bonus

There are various types of bonuses declared by an insurance company. Bonus is an extra amount of money additional to the proceeds, which is distributed to a policyholder by an insurer. Only holders of with-profits policy are entitled to a share in these profits and the payment of this bonus is conditional on the life insurer having surplus funds after claims, costs, and expenses have been paid in particular year.
The bonuses are classified as
• Reversionary Bonus: Additional money added to the amount payable on death or maturity of with-profits policy. Once a reversionary bonus has been made it cannot be withdrawn if the policy runs to maturity or to the death of the insured.

• Terminal Bonuses: A discretional additional amount of money added to payments made on the maturity of an insurance policy or on the death of an insured person.

Rider Benefits

There are various additional rider benefits that are available for you to choose from as per your requirement certain additional benefits are as follows that cater to your comprehensive coverage.
• Accidental Death Benefit
• Accidental Permanent Total/ Partial Disability Benefit
• Family Income Benefit
• Waiver of premium Benefit
• Critical Illness Benefit
• Hospital cash Benefit

Maturity Benefits

pon surviving the term of the policy or upon the end of the policy or maturity, the insured receives sum assured plus bonus for the term of the policy. The amount receivable upon maturity is tax-free. This is the maturity benefit under an endowment policy.

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Frequently Ask Question

What is an Endowment Plan?

Ans:

Endowment plan is a variant of traditional life insurance which promises the insured of death benefit if an unfortunate eventuality happens and maturity benefit if the insured survives the policy term.

Why do I need an Endowment Plan?

Ans:

Endowment plans is ideal for conservative investors with a low risk appetite. Unlike ULIPs, they are not linked to market and hence they yield slow yet steady returns

What are its Key Features?

Ans:

The investment is made primarily in debt instruments which keeps the returns safe. Allocation of funds is at the discretion of the insurance company and there is minimal disclosure of the same to the insured. The insured gets to enjoy the tax-benefits too.

How Much Do I Need to Invest?

Ans:

That would primarily depend on the insured's financial position and priorities, the desired tenure and his risk appetite. To start early and stay longer is the key to make the most of an endowment plan.

Documents Required (if any)

Ans:
  • Age Proof
  • Identity Proof
  • Address Proof
  • Income Proof
  • Duly Filled Proposal Form
  • You may need to undergo Medical Tests in some cases.

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