This guide for understanding endowment policy will make your journey to get insured a little smoother.
What is an endowment policy?An endowment policy insures your family financially in the event of your death. If the policyholder survives the duration of the plan, then a fixed sum is paid to the policyholder on maturity. The premiums are usually small recurring amounts spread over a period of time.
Who should get endowment policy?Anyone who does not want to invest in pure life insurance can opt for endowment policy as it acts as a saving instrument. You can use it as retirement security, or savings account for other future plans.
How is it different from other policies?Unlike endowment policies, term life insurance policies/pure life insurance policies do not allow the policyholder to withdraw the sum paid to the insurer if they survive the insured period.
Key features of endowment policies
Flexible premium paymentsUnder endowment policy, you can choose to pay your premiums monthly, quarterly, half-yearly or yearly. You can select the frequency of the premium payments depending on your feasibility.
Flexibility in coverYou can enhance the base plan to get additional insurance against critical illnesses, disability, and accidental death. This additional coverage is called riders. You will have to pay some extra amount over and above your base premium to add riders to your base plan.
Low-risk investmentAn endowment policy is your low-risk investment avenue. In comparison to Mutual Funds and ULIP's, your endowment policy has a lower risk because your money doesn't directly go into equity funds or the stock market.
MaturityThe policyholder gets maturity benefit upon the end of the term. The policyholder receives a sum assured and bonus for the duration of the plan. The sum assured from the maturity benefit is exempted from tax up to a limit.
Tax benefitsWhat better than an insurance policy that acts as savings as well as tax exemption tool? Under Section 80C and Section 8010(10D), you can receive a tax exemption on premium payments and maturity amount up to a limit.
Congratulations on adding new information to your insurance literacy today with this comprehensive guide on endowment policy.
Types of Endowment Policy
- Full/With Profit Endowment A basic sum assured is offered to the policy under a full endowment plan. The cover is guaranteed when the policy is purchased. In this policy, the insurer provides bonuses too. The final payout becomes larger due to bonuses. The insurer offers the bonus in the event of death or maturity.
- Low-cost Endowment People who want to save money for the future can purchase low-cost endowment policy. The plan helps in conserving finances to pay for loans and mortgages in the future. If the policyholder passes away during the term, then a minimum sum assured is paid to the beneficiary of the plan.
- Unit Linked Endowment Plan Policyholders can save their finances and get the benefit of life coverage with this plan. A unit linked endowment policy is a fixed term saving plan. The premiums are split into units under an investment scheme. The market drives the returns of this policy. Unit linked endowment plan is for investors who want high returns and have a high-risk appetite.
- Non-profit Endowment Non-profit endowment policies offer guaranteed returns to the policyholder. A sum assured is paid to the policyholder on maturity or as the death benefit to the beneficiary.
- A policyholder can purchase accidental death rider. If the policyholder dies due to an accident, then the nominee will receive a larger sum assured. The nominee will get the death benefit as per the policy. Along with that, the nominee will also receive a sum assured of the accidental death benefit.
- The disability rider provides benefit in case of total or partial disability.
- If a policyholder buys critical illness rider, then they are offered a lump sum cover on detection of illnesses such as cancer, heart attack, kidney failure, etc.
- Hospital cash benefit rider provides the policyholder with a daily allowance in case of hospitalization. Also, the rider covers the post-hospitalization expenses.
Additional Bonus on Endowment PolicyBonus is the extra money that is paid to the policyholder by the insurer. However, a bonus is only valid for people who purchase with-profits policy. The policyholder will only receive bonuses when the insurer has surplus money after spending on expenses, costs, and claims.
There are two forms of bonus-
- Reversionary Bonus Reversionary bonus is the extra money offered on maturity or death of with-profits policy buyers.
- Terminal Bonus It is a bonus offered to the policyholder on maturity, which the insurer pays from the profits it generates. The insurer can pay the bonus when the policy matures or when the policyholder passes away.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
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These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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