Endowment

Life Insurance
Policy
Done by – Ronak Marlecha 
The insurer (Insurance Company)
undertakes to pay a specifies sum
when the insurer attains a particular
age or on his death whichever is What is an
earlier. The sum is payable to his
legal heir/s or nominee named
Endowment
therein in case of death of the Policy?
assured. Otherwise, the sum will be
paid to the assured after a fixed
period I.e., till he/her attains a
particular age. Thus, the endowment
policy matures after a limited
number of years.
Key Features of Endowment Policies
• Sum assured in an endowment policy is payable either on survival to the
term or on death occurring within the term.
• Endowment policies are available as ‘With Profit’ and ‘Without Profit’
plans.
• Under Endowment policies, bonus for the full term is payable on the date
of maturity or in the event of death, whichever is earlier.
• Premiums for endowment policies can be limited to shorter term or can be
paid as single premium.
• Premiums cease on death or on expiry of the term, whichever is earlier.
Thank You