Endowment Insurance

Endowment insurance refers to a kind of life insurance that offers benefit on the event of death of the insured within specific number of years or provides the accrued money at the end of the insurance period. The plan is designed to combine both protection and saving. The money is said to be invested in an insurance company's life funds incase of unit-linked endowment insurance plan.

The plan is intended to pay the policyholder a huge sum of money after a specified number of years. In case of death of the policy holder within that agreed number of years, the policy will pay the amount.

The amount depends upon the growth of the fund invested by the policy holder. The major aim of the policy is to pay out the face value at the end of the contract period .The policy can be used for various purposes. It serves as a savings plan for retirement and produce profits.

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