Endowment Plans
Endowment Plans A Comprehensive Guide
Description: Endowment plans are a type of life insurance policy that combines both investment and insurance components. These plans are designed to provide a lump sum amount at the end of a specified term (maturity) or in the event of the policyholder’s death. They are often used for long-term financial goals, such as funding children’s education, buying a home, or securing retirement.
Benefits of Endowment Plans
Life Coverage
Provides financial protection to your beneficiaries in the event of the policyholder's death during the policy term.
Maturity Benefits
Offers a lump sum payment at the end of the policy term if the policyholder survives the term.
Tax Benefits
Premiums paid and benefits received may qualify for tax deductions under applicable laws (e.g., Section 80C and 10(10D) in India).
