Endowment Plans

Endowment Plans

What are Endowment Plans?

Endowment plans are a type of life insurance policy that offer both life coverage and savings benefits. These plans are designed to provide a lump sum payout either upon the death of the policyholder during the policy term or as a maturity benefit if the policyholder survives the term.

They are commonly used as a disciplined way to save money for long-term financial goals such as education, marriage, or retirement, while also ensuring that the family is financially protected in case of the policyholder’s untimely death.

Endowment plans are suitable for individuals who want a combination of insurance protection and a guaranteed savings payout at the end of the policy term.