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Endowment Plan

Endowment plan is a combination of insurance and investment. An Endowment Life Insurance Plans offers policyholders triple profit in one single plan- saving, insurance and tax benefits.

A classic endowment plan isa life insurance policy which other than covering the life of the insuredalso aids the policyholder to save regularly for a specific period of time. This saving is given out to the policy holder as a lump sum amount on the policy maturity in case he/she survives the policy term. This maturity amount can be used to meet various financial needs such as funding one's retirement, children's education and/or marriage or buying a house. If the policy holder dies during the period of the policy, his nominee gets the amount of the sum assured.

Endowment saving plans can be also cashed in early wherein the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it. Endowment plans, therefore, accomplish the dual need for a life cover and savings under a single plan and also offer income tax befits under section 80C and 10(10D) of the Income Tax Act and the option to obtain loan against the policy, in case of any financial emergency .

A new endowment policy is always less risky than a mutual fund investment and also offers a life insurance cover- it's a win-win investment to make.

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