Top 5 Endowment Plans to secure your familys future.

Life insurance has been known to fulfil various requirements of every individual. For some it serves as a means to provide for financial security in the future, for some it is a tool of income protection in case of untimely death and for most of the individuals, it is a means to escape from the clutches of taxation. As such, the real purpose of a life insurance policy loses its appeal. A life insurance policy provides financial protection against premature death.

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Since, this purpose of a life insurance policy was not endorsed by many; insurers launched hybrid plans which provided wealth creation along with insurance protection. Endowment plans are such plans which not only provide life insurance protection to the individual but also provide the medium for investment and financial growth. These plans come with a varying tenure which may be as low as 5 years or as high as 30 years. These are also called traditional or conventional insurance plans and they provide a fixed benefit to the policyholder both in the case of death and in case of maturity.

With hundreds of Endowment plans offered by numerous companies, the common investor feels stumped as to which would be the best suited plan. He searches for the plan which would have a suitable tenure, lower premiums, greater benefits and higher returns. To solve the dilemma of such investors, here is a list of the top 5 endowment plans of some leading insurers which promise attractive benefits. So, let’s analyze:

Below is a comparative analysis of the plans in details. Here are some other plans which are not mentioned above.

Plan Names

Plan Term

Policy Premium Term

Guaranteed Loyalty Additions

Bonus

Features

Rebates and Discounts

Aegon Life Premier Endowment Insurance Plan

10, 15 or 20 years

Single, 5, 10, 15 or 29 years

Guaranteed additions of 5% of Sum Assured to be included in your arrangement toward the finish of each Policy year for the whole Premium Payment Term (5 years for Single premium). The amassed Guaranteed incorporations will be remunerated out alongside the Sum Assured upon Policy Maturity or Demise of the Life Assured, whatever is prior 

Simple reversionary bonus and terminal bonus on the premise of the experience

  • Matching your savings requirement, the option to choose the policy term
  • Lumpsum payout at the time of maturity
  • Flexibility in terms of the premium payment
  • Rise in the benefit amount each year through bonus accrual its inception year

Not Applicable

Bajaj Allianz Elite Assure

15 to 30 years

Regular pay or 7/10 years

3% to 15% of the Guaranteed Maturity Benefit is paid from the end of the 10th policy year

Reversionary bonus, interim and terminal bonus.

  • The option of five additional riders
  • Frequency of premium payment can be changed anytime

Premium rebates for choosing Guaranteed Maturity Benefit of Rs.5 lakhs and above

HDFC Life SampoornaSamriddhi Plus Plan

15 to 30 years or 100 years – age (for whole life option)

Plan term less 5 years

Up to 5% of the Sum Assured on maturity for the first 5 years

Simple reversionary bonus, interim and terminal bonus from first year onwards

  • Inbuilt Accidental Death Benefit Rider, which pays additional Sum Assured on accidental death

Premium rebates for choosing coverage levels of Rs.1.5 lakhs and above

IndiaFirst Simple Benefit Plan

15 to 25 years

Equivalent to the policy term

Guaranteed maturity sum assured along with simple reversionary bonus and terminal bonus if any will be paid towards ending policy period 

Simple reversionary bonus and terminal bonus

  • Avail a loan of up to 90% of the surrender value
  • Regular contribution on the premise of one’s income and requirements helps you to build a savings corpus
  • Flexibility to choose when on would ideally need the insured amount
  • Tax benefit may be availed depending upon the premium amount paid and benefits obtained as per the existing laws

Rebate in ay form si forbidden

Kotak Classic Endowment Plan

15 to 30 years

Regular Pay- Equivalent to the Policy Term Limited Pay- 7-years for policy term 15 yearsPolicy term less 5 years

Depending upon the premium payment term chosen and premiums paid, guaranteed surrender value is acquired in the policy

Availability of simple reversionary bonus, terminal bonus and interim bonus

  • Provides thorough protection up to an age of 75 years
  • Depending upon the affordability, flexibility to pay the premium amount
  • From the beginning year of the policy, the bonus can be earned
  • Enhance the policy with rider options available
  • As per the convenience, option to opt from an array of term options

 

Obtain a premium discount for sum assured upon the maturity of Rs. 5,00,000 and more

LIC’s Jeevan Rakshak Plan

10 to 20 years

Equal to plan term

Loyalty additions payable after 5 completed policy years

Vested bonus and a final additional bonus is paid

  • LIC’s Accident Benefit Rider can be availed by paying an additional premium

Modal rebate for yearly and half-yearly premium payment @ 2% and 1% respectively. High Sum Assured rebate in premium for levels equal to and exceeding Rs.1.5 lakh

Max Life Life Gain Premier Plan

15 to 25 years

6, 8, 10 or 12 years

Not Applicable

Bonus is declared from the 2nd policy year and can be taken in cash, used to reduce the subsequent premium or used to increase the Sum Assured which would earn future bonuses. A Terminal Bonus is also paid

  • The bonus, if used to enhance the Sum Assured can also be withdrawn for emergency use
  • The plan has an inbuilt Terminal Illness benefit wherein 50% of the Guaranteed Maturity Benefit is paid on request if the insured suffers from any terminal illness

Not Applicable

PNB MetLife Bachat Yojana

15 years

10 years Limited Pay

The Minimum ensured Sum Assured on maturity (which is equivalent to the Base Sum Assured) increased by the proportion of the number of Portion premiums paid to the complete number of Installment premiums payable will be payable.

Accessibility of simple reversionary bonus and terminal bonus

  • One needs to pay only for 10 years and obtain a cover for 15 years
  • Helps in building a long-haul saving at pocket-friendly premiums 
  • Income tax benefit can be availed on the paid premium

 

Discount can be implied in case of accrued simple revisionary bonus

Pramerica Life Roz Sanchay

16 to 21 years

12 years for a 16-year policy term16 years for a 21-year policy term

With the initiation of the policy, there is a guaranteed maturity benefit wherein 150% of the base sum assured with an accrued annual guaranteed addition becomes payable at the time of maturity 

Offers guaranteed bonus additions

  • Allows one to create a saving corpus for old age
  • Option to take a loan against the policy
  •         Comprehensive cover with enhanced protection 
  • Death benefit goes up by 5% of the base sum assured year each year

 

Not Applicable

Reliance Life Lifelong Savings

15-30 years

Age at Entry (7 to 50 years) Regular Pay- 15-30 yearsLimited Pay- 10 years Age at Entry (51 to 55 years) Regular Pay- Not ApplicableLimited Pay: 10 years

At a rate of 4% per annum, the guaranteed additions will be calculated towards the end of every policy tenure in regards to the base sum assured in the initial five years of the policy in case of active policy

In case of survival, towards the end of the policy tenure, one will be able to receive the base sum assured along with terminal and vested revisionary bonus

  • Avail flexible cover alternatives
  • The facility of loan is accessible during the policy tenure in case of any adverse situations 
  • Option to opt premium payment frequency

When reaching the final rate of premium then the first high sum assured discount will be implied

SBI Life Smart Humsafar

10-30 years

The premium paying term will be equivalent to the policy term

At the commencement of the policy, opted by the insured the basic sum assured is the absolute amount of benefit  and will be payable at the time of maturity

For the active policy, a guaranteed minimum bonus for initial three years of 2.50% of the basic sum assured

  • A joint product, which offers coverage to the insured and the spouse 
  • One applicant for both
  • Flexibility to choose the policy term and avail rider benefits

Discount can be availed on the premise of premium per thousand basic sum assured. Besides, a staff discount is also accessible for the employee of the bank

Single Pay Endowment Assurance Plan

10 to 15 years

Single Pay

Sum assured on the death and maturity will be available

Not Applicable

  • Avail different types of rider benefits such as accidental death benefit rider, critical illness rider, income benefit rider and accidental total and permanent disability rider
  •  
  • During the policy tenure, the policy can be surrendered
  •  
  • Once the policy acquires surrender value, policy loan can be availed

Not Applicable

Star Union Da-ichi's Life Jeevan Ashray

15 to 20 years

Equivalent to the policy term

Guaranteed maturity benefit within 15-year policy term will be 115% of the basic sum assured and within 20-year policy it will be 120% of the basic sum assured 

Not Applicable

  • Get an assured benefit for the family
  • Comprehensive protection for the family at affordable premiums
  • Avail income tax benefits on the premiums paid and benefits obtained

Not Applicable

Tata AIA Life Insurance Maha Life Gold Plan

85 years – entry age

15 years

Guaranteed Annual Coupons up to 6.5% payable from 11th year till 30th years cash dividends paid from 6th year

Not Applicable

  • The Sum Assured increases after every 15 years till the 45th policy year

Not Applicable

See More Plans

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply

Written By: PolicyBazaar - Updated: 02 July 2021

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