It is hence a combination of Pure Term Plan and Pure Endowment Plan. Pure Term plan has ONLY Death Benefit with no Maturity Benefit, whereas Pure Endowment Plans have Only Maturity Benefit with no Death Benefit.
However, Endowment Assurance Plans have Death Benefit if the Life Assured dies within the policy term as well as Maturity Benefit if he survives till the policy matures. Hence it is a complete win-win situation for the policyholder
In Endowment Plans, benefit paid either on death or maturity whichever occurs earlier. Thus if the Life Insured dies within the policy term, the nominee gets the Sum Assured as the Death Benefit and the policy terminates thereafter. However, if the Life Insured survives till the end, then he gets the Maturity Benefit as guaranteed at the policy inception.
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- Low Cost insurance plan
- Choice of premium payment mode
- Plan conversion option
- Flexibility to choose policy term
Flexibility to pay premiums annually/half-yearly/monthly/quarterly depending on your convenience
- More flexible