A combination of insurance and investment. In term plan which is a pure insurance there is no maturity benefit.
1. An endowment policy is a combination of insurance and investment: The life of the individual taking the policy is insured for a certain amount. This life cover is referred to as the sum assured. An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Endowment Plan. A plan in which the amount is paid to a policyholder if he outlives the tenure of the contract or to the beneficiary if the insured person dies before the date on which the policy matures. News On Endowment Plan. Differently abled should know this before buying insurance. Endowment plan is a combination of insurance and investment. In term plan which is a pure insurance there is no maturity benefit. It means if a person dies during the term of policy then only his beneficiaries will get some money otherwise at maturity, at the end of the term there is no benefit. Share on Tumblr. Endowment plan is a combination of insurance and investment. In term plan which is a pure insurance there is no maturity benefit. It means if a person dies during the term of policy then only his beneficiaries will get some money otherwise at maturity, at the end of the term there is no benefit. An endowment Plan is designed to provide a lump sum amount after certain specified term or death of a person. The insured gets the sum assured along with bonus and guaranteed additions that accrues during the term. Endowment Plan Meaning. Endowment plan is a type of life insurance coverage which is applicable only for specified period. Like any other Life Insurance, here also you will get assured sum after maturity and in case of death of the policy holder the nominee will be benefited by the amount.
http://www.rediff.com/money/2007/jul/24perfin1.htm https://en.wikipedia.org/wiki/Endowment_policy http://www.moneycontrol.com/glossary/insurance/endowment-plan_341.html http://www.moneycontrol.com/investor-education/insurance/classroom/what-is-endowment-plan--1019382.html http://www.moneycontrol.com/investor-education/insurance/classroom/what-is-endowment-plan--1019382.html http://tips.thinkrupee.com/articles/what-is-endowment-plan.php http://tips.thinkrupee.com/articles/what-is-endowment-plan.php
what is an endowment plan