Published on March 27, 2014
ENDOWMENT POLICY Presented by, Kiran Kurian Philip B.Com CA-2 Roll No : 13 Date : 26-03-2014
Introduction An Endowment policy is a life insurance to pay back a lump sum amount after a specified term (on its 'maturity') or on death of the policy holder. It provides a living benefit to the policyholder as periodic pay-outs along with insurance coverage.
Endowment Policy Endowment policy is a type of life insurance coverage in which, the insurer offers payment of sum assured to the policy holder or to his nominee or assignee or legal heirs either at the end of the specified period or on death of the assured before the specified period.
Types of Endowment policy 1. Pure endowment policy 2. Ordinary endowment policy 3. Joint life endowment policy 4. Double endowment policy 5. Fixed term endowment policy 6. Educational annuity plan 7. Money back policy 8. Marriage endowment policy
1. Pure Endowment policy In this policy the assured or his nominee gets only a specified sum of money on his death or on the maturity whichever is earlier. 2. Ordinary Endowment policy This policy represents Life insurance in true sense, but it is taken for a specified term of years. The sum assured is payable either on death or on its maturity. It is a combination of term and pure endowment. 3. Joint life Endowment policy This policy covers more than one life under a single policy. The sum assured is payable on the expiry of the term or on the death on one of the assured during the endowment period.
4. Double Endowment policy Under this policy, if the assured dies during the endowment period, basic sum assured is payable and if he survives the period double the sum assured is paid 5. Fixed term endowment policy In this policy sum assured is payable only at the end of stipulated period, the premium ceases if the death of policy holder occurs. Then policy becomes fully paid. 6. Educational annuity plan In this policy the assured amount is not paid in lump sum but is payable in equal instalments for 5 years.
7. Money back policy This policy is suitable for those who feel the need for lump sum benefits at periodical intervals. At the event of death within the period the full sum assured is payable without any deduction. 8. Marriage Endowment policy This provides funds for the marriage of the children. Premium is paid till death or for an agreed period. If the child dies during the tenure the assured is an option to substitute the name of another child as beneficiary
Merits And Demerits 1. Has dual benefit of investment and insurance. 2. Long term investment and receives a lump sum amount at the end. 3. Suitable if you require a lesser amount of sum assured. 1. The premium is relatively higher than a term plan. 2. The surrender value is lower than the premium paid. 3. If you wish to surrender this policy within first 3 years, you will not receive any surrender value. Demerits Merits
Conclusion Endowment policy is insurance policy where an assured sum is payable on the event of death of the policy holder on the expiry of the policy. An Endowment Plan allows you to save regularly, invest systematically, receive lump sum maturity amount and a periodic pay-out, all this while enjoying a life cover.
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