what is an endowment policy . what is meant by an endowment policy of rs 2 lac sum assured for 20 yrs. and what is a money back policy of rs 1 lac
Policies
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rs 2
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Should I pay off my mortgage with my endowment policy ? There is ...
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An endowment policy is a life assurance contract designed to pay a lump sum after a specified term.
Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.
In the case of a 20-year Money-Back Policy, 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.