Endowment Life Insurance Policy is one of the classifications of life insurance that works by merging life coverage with savings. Under an Endowment Policy, if the policyholder passes away during the policy tenure, the nominee is entitled to receive the sum assured or the death benefit. Nevertheless, if the policyholder survives the policy term, he or she becomes eligible to receive the maturity benefit, which is the sum assured plus any bonuses accumulated during the whole policy term.
Why do people like to invest in Endowment Policies? It is because these policies render a disciplined savings way and present a financial cushion for the policyholder and their family. They are usually presented by life insurers in India and can be bought for a certain term or as a whole life policy. Additionally, Endowment Policies come with the option of acquiring a loan against the policy. The loan amount is a portion of the policy's surrender value, and the interest rate is generally lesser than other loan options.
Insurance coverage
Guaranteed return on investment
Financial safety net
Peace of mind
Loan facility
Organized investments
Maturity benefits
Tax benefits
01
Endowment Policies entail life insurance coverage to the insured person, assuring to offer financial security to their family in the event of their untimely death. The sum assured and any accumulated bonuses are given to the nominee if the policyholder dies during the term.
02
Endowment Policies offer a guaranteed return on investment. It signifies that the policyholder will receive a lump sum payout after the termination of a policy term, regardless of market fluctuations.
03
Under Section 80C of the Income Tax Act, of 1961, endowment Policies provide tax benefits. The premiums payments done towards the policy are qualified for tax deduction up to a limit of Rs. 1.5 lakh per year.
04
Endowment Policies strive to offer the option of acquiring a loan against the policy. The loan amount is a fraction of the policy's surrender value, and the interest rate is typically lower when compared to other available loan options.
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Let’s see why people invest in Endowment Life Insurance Policy.
Offers financial security to the insurers family in case of any uncertainty .
Offers financial security to the insurers family in case of any uncertainty .
Investment policy loan facility to the insurer to meet any sudden casualty
Retirement planning offers financial help for your post-retirement years .
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