The primary benefit an insured will look for a Endowment insurance policy is financial security for their dependents on the event of their death. But they can also enjoy the monetary benefits during their life time apart from the regular protection of their dependents after the policy holder's death. This unique benefit is provided by the endowment insurance policy
Endowment insurance policy are different when compared with other insurance policies. This policy does not primarily operate to provide life insurance benefits. On the contrary the main objective of an endowment insurance policy lies in offering monetary benefits during the life term of the individual. Life insurance protection comes only after that. Therefore, it is more of an investment than a whole life policy. Endowment insurance policy pays the face value of the policy either at the insured's death or at a certain age or after a number of years of premium payment.
There are several options for paying the face value of the insurance policy. They can be paid on the death of the insured like any other insurance policy. Other choices include paying them on the attainment of a certain age or after the successful payment of policy premiums. This type of insurance is recommended if you want to save some money for meeting a Particular purpose like funding your child's study in a university. The life insurance cover of endowment insurance policy entitles your dependents to obtain the policy amount in case of your death
Family income benefit
This means that the payment on your death will be given to your family in regular payments rather than as a lump sum. The term is chosen at the outset of the policy.
Additional benefits
When searching for life insurance cover you can also find additional benefits at an extra cost, including critical illness cover (this is a common additional benefit) and waiver of premiums.
Critical illness cover is payable on the conclusive diagnosis of a critical illness. Some of the conditions covered in most benefits include (use these as a guide only):
Alzheimer`s Disease |
