Endowment insurance is a type of life insurance policy that combines savings and death benefit coverage. It provides a lump sum payment to the policyholder if they live to the end of the policy term or to the beneficiaries if the policyholder dies before the term ends.
This type of insurance policy is designed to serve as both a financial protection mechanism and a savings scheme. Policyholders pay regular premiums over a specified term, at the end of which they receive a sum of money if they are still alive.
If the policyholder dies during the term, the insurance pays out a death benefit to the designated beneficiaries. Endowment policies can be used for various financial planning purposes, including retirement savings, funding for a child's education, or as a mortgage protection strategy.
Life Insurance Law: Regulates the terms and conditions under which endowment insurance policies are offered, including disclosures and beneficiary rights.
Estate Planning: Endowment insurance can play a role in estate planning, offering a mechanism for accumulating and transferring wealth.
Many believe that endowment insurance primarily serves as a life insurance policy, focusing on the death benefit aspect.
While providing a death benefit, the distinguishing feature of endowment insurance is its savings component, offering a maturity benefit if the policyholder survives the policy term. This dual-purpose makes it different from pure life insurance policies, which do not provide a maturity benefit.
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