What is endowment policy in simple words?
An endowment policy is an insurance policy that provides life coverage, but that pays a sum of money if the policyholder is still alive after an agreed period of time. An endowment policy is designed to provide a lump sum on maturity.
What are the types of endowment?
There are four different types of endowments: unrestricted, term, quasi, and restricted: Unrestricted endowments. These are assets that can be spent, saved, invested and distributed at the discretion of the institution receiving the gift.
What is the example of endowment policy?
A life insurance provider might offer you an endowment policy, which is a sort of investment. You put money in each month for a specified amount of time, and it is invested. The policy will pay you a lump sum at the conclusion of the term, which is normally between 10 and twenty-five years.
What is a benefit of an endowment policy?
One of the best endowment policy benefits is the tax exemption it brings. You can claim the tax exemption under Section 80C for the premium paid, and the sum assured received is tax-free under Section 10 (10D). Hence, it is a win-win situation.
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