Endowment Insurance – Protection + Savings in One Plan
When it comes to choosing the right life cover, many people get confused between different types of insurance. If you're looking for something that offers protection and savings , Endowment Insurance might be the right option. Let’s understand what endowment insurance is and how it differs from term insurance . What Is Endowment Insurance? Endowment insurance is a life insurance policy that gives you a lump sum amount either: ● If the policyholder dies during the policy term (like regular life cover), or ● If the policyholder survives the term (unlike term insurance , which doesn’t offer maturity benefit) So, whether you live or not—you (or your family) get a payout. That’s why it’s known as a combination of insurance + savings . How Does Endowment Insurance Work? You choose a policy term (e.g., 15, 20, or 30 years). You pay a regular premium throughout the t...