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Five advantages of buying an endowment policy

There are many types of endowment plans and Unit Linked Insurance Plans or ULIPs are one of them. There are also many advantages of endowment plans, here are some of them.

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Five advantages of buying an endowment policy

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  1. Five advantages of buying an endowment policy

  2. We live in a materialistic world and we spend on things that we want but don’t necessarily need. • As a result, we save very little money and have not security blanket for the future. • An endowment policy is just what you should get to create savings for your future.

  3. What is an endowment plan? An endowment plan is a life insurance policy with a saving component and maturity benefit. • This means that a part of your endowment plan, offer you life cover while the other part offers you an investment option. • On maturity the policyholder receives a lump sum payment and if the policyholder does not survive the term of the policy their nominee receives the same lump sum.

  4. There are many types of endowment plans and Unit Linked Insurance Plans or ULIPs are one of them. • There are also many advantages of endowment plans, here are some of them.

  5. An endowment plan is a great way to increase your savings as they also provide an investment option. • You can maximise your monthly savings as you’re not just keeping your spare disposable income in a bank account, but putting in a scheme that may give you high returns in the future. • They are a great way to maintain systematic and regular savings. Increase Savings

  6. As you know an endowment plan isn’t just a savings plan but also an insurance policy. • With an endowment plan you get double benefits of investing your money while at the same time getting a good life cover. • They are a great way to save for your family or children, even if you’re not around to look after them. Double benefits

  7. An endowment plan is also a great way to save tax. • This is one of the major advantages of endowment plans. • You can claim benefits under the Income Tax Act, under Section 80C on the annual premium, and under Section 10D on the death benefit. Tax savings

  8. Another advantage of endowment plans is that a lot of times you only need to pay premium in the initial years of the policy. • When it comes to the benefits you can enjoy the benefits over a long period of time. Flexible premium

  9. An endowment is highly liquid. • This means that you can withdraw your money in case of an emergency. • This is unlike other long term savings plans where your money is locked until maturity. • You can opt out of an endowment plan whenever you want. Liquidity

  10. Thank You

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