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What is an Endowment Policy
Endowment Policy
Endowment policies are a type of life insurance policies that offer a perfect blend of savings and insurance plan, but in one single pack. An endowment policy ensures a definite lump sum on maturity in case if the policyholder survives for the policy duration. On the other end, in case of accidental death, the beneficiaries are provided the assured complete sum defined in the policy and as per the premium.
Endowment policies are available for the specific tenures of 5 years, 10 years, 15 years 20 years and so on, depending on the insurance provider company, and can also be utilized to cash in and meet your short-term financial goals when done in the form of savings.
Features of Endowment Policies
Benefit on both Death and Survival:
Get a fixed lump-sum assured as a return for your investments in endowment plans in both cases, when you outlive your policy tenure, or in case of untimely demise.Higher Returns:
Endowment policy plans always ensure high-end returns to the policyholder and/or beneficiary for the premium paid, especially when compared to a normal life insurance policy plan.Customizable payment frequency:
Get the facility of selecting your premium payment frequency as one-time, or in the form of monthly, quarterly, half-yearly, or annual payment plans.Flexibility in Cover
Customize the policy with additional addons and to get the most out of your policy at the time of claims and ensure a more financially secure and safe future.
Tax Benefits:
As per Section 80C and Section 10 (10D), you are entitled for to get tax benefits when you purchase endowment policy plans.
Low Risk
Compared to other Life Insurance Plans, Endowment plans offer better returns and covers and also ensure better returns for the investments made.
- Death Along with Survival Benefits
- Get a fixed lump sum assured as a return for your investments in endowment plans in both cases, when you outlive your policy tenure, or in case of untimely demise.
- Higher Returns
- Endowment policy plans always ensure high-end returns to the policyholder and/or beneficiary for the premium paid, especially when compared to a normal life insurance policy plan.
- Premium Payment Frequency
- Get the facility of selecting your premium payment frequency as one-time, or in the form of monthly, quarterly, half-yearly, or annual payment plans.
- Flexibility In Cover
- Customize the policy with additional addons and to get the most out of your policy at the time of claims and ensure a more financially secure and safe future.
- Tax Benefits
- As per Section 80C and Section 10 (10D), you are entitled for to get tax benefits when you purchase endowment policy plans.
- Low Risk
- Compared to other Life Insurance Plans, Endowment plans offer better returns and covers and also ensure better returns for the investments made.
Types of Endowment Policy
Unit Linked Endowment Plan
Considered a more suitable form of plan for risk-takers, Unit Linked Endowment plans offer its policyholders the flexibility of investing in specific investment funds by dividing the invested premium in smaller units; however, the return in this case completely depends on the performance of that particular fund so invested upon in the market.
Full/With Profit Endowment
A policyholder owning a full/with profit endowment policy gets the distinct advantage of getting assured return of fixed stated amount as per the policy from the very first day (considering the case of accidental death, beneficiary is given the profit), and the return increases with time and is assured even more at the time of final payout on maturity, thus adding more bonus return for the money invested.
Low-Cost Endowment
Considered best for short term investments, low-cost endowment plans assure that you own specific lump sum fund post particular decided period of time and based on the short length of the policy plan, provides a fixed minimum insured sum to the policyholder or the beneficiary.
Non-Profit Endowment
In this case, the policyholder or the beneficiary is assured payment of a fixed amount at both instances, at maturity of the policy, or due to untimely death of the policyholder respectively.
Guaranteed Policy
In Guaranteed Policy plans, the policyholder is guaranteed a fixed amount of return on both instances (due to premature death, or completion of policy tenure), however, the additional bonuses that you may be entitled to gain with other types of endowment plans are not completely guaranteed. So, you may not get the bonus money on your investment, however, a fixed sum is always guaranteed in this case.
Endowment Plan – Claim Process
Here is the process that you need to follow to get a successful claim:
Fill the Claim Form:
Inform the insurance provider company of your claim request by filling the claim form. Make sure that the form is signed and authorized by the policyholder/beneficiary in order to be processed.
Provide additional documents such as postmortem certificate, FIR or other investigation reports, employer’s certificate along with any other document requested from the insurance company to undergo a successful processing for your claim request.
Wait for Document Verification from the Insurance Policy Team:
Once the request for claim process is accepted the insurance company will verify and validate the documents so submitted and will accordingly process the claim once found valid and clean!
Looking for your Endowment Policy Insurance?
InstaCover India offers a variety of benefits and advantages in terms of covers and savings, so when searching for a good Endowment Policy Insurance, you need to look no further!
Call us now and we will do the best we can to help you out with your Endowment Policy Insurance needs
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Things To Consider Before Purchasing an Endowment Policy
Start Early
Its best suggested to start at an early age in order to gain the maximum benefits from your investments and savings and get the most out it with compounding benefits.
Choose the Payment plan that suits you
You get the flexibility of choosing the premium payment depending on your saving and/or investment requirements.
Get Better Understand of All Endowment Plan Types
The benefits of various endowment plans depend on their types so you must ensure what type of endowment plan you choose for your premium benefits.
Choose Plan that ensures addon benefits
From education to double endowment, there are various policy plan addons available to choose from to personalize your benefit needs.
Bonuses
Various endowment plans assure benefits in the form of bonuses and that a policyholder can benefit from with proper endowment policy.
Non-Guaranteed and Guaranteed Returns
While being low risk in nature, various endowment plans offer guaranteed, as well as non-guaranteed returns depending on the type of policy chosen.
Endowment Plan - Documents Required
- Here is a small list of documents that you need to apply for an appropriate endowment plan:
- Age Proof
- Photograph
- Completely filled proposal/application form
- Residence or address proof
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FAQs Related to Endowment Policies
A term insurance does not assure any return in case if the tenure of the policy is over, however, it does provide the beneficiary cover in case if the policyholder meets untimely death. In case of Endowment insurance plans, a definite sum is assured when the policy matures.
The policyholder, if outlives the tenured period of the endowment plan gets complete lump-sum returns on maturity of the policy.
While the premium so paid for an endowment plan may be taxed, the sum insured and gained by the beneficiary at maturity or due to untimely death of the policyholder is completely tax-free.
Looking for your Endowment Policy Insurance?
InstaCover India offers a variety of benefits and advantages in terms of covers and savings, so when searching for a good Endowment Policy Insurance, you need to look no further!
Call us now and we will do the best we can to help you out with your Endowment Policy Insurance needs
