- 3 AUG 2017
Things You Must Know About Endowment Plans
An endowment policy fulfills the need of both insurance and investment. Such plans provide both maturity and death benefit.
A certain part of the premium gets allocated towards death benefit and a certain portion gets invested. Some endowment plans also provide a bonus to the policyholder. The bonus declared accumulates. This paid with the maturity or death benefit. Most endowment plans act as a savings plan and the policyholder is aware of the return he/she is supposed to receive.
Who should purchase an endowment plan?
Whether one is a salaried person or a professional with a regular flow of income, an endowment plan is for everyone who has a continuous source of earning and plans to save for his future goals like retirement or other major expenses like child's education.
An endowment plan is a backup plan that will never fail to help you. Like all insurance products, it also comes with a life cover. In case of your accidental demise, your loved ones are financially protected through the insurance claim. However, the life cover it provides may not be very high.
Why choose an Endowment plan?
An endowment plan helps in three ways:
a) It helps in protecting and ensuring the financial stability of the loved ones.
b) Endowment plan acts as a saving plan that can help in achieving your financial goals.
c) The policyholder gets tax exemption for the same. Some plans provide dual tax benefit which means the policyholder can avail tax benefit on the premium paid and the maturity amount received.
- 5 NOV. 2018
What if Things Don’t Go As Planned?
Any human being doesn’t want to even imagine about his / her death. All of us wants to believe that we are immortals. In Mahabharata, there was a dialogue between Yudhishtira and Yaksha where Yudhishtira answered the questions asked by Yaksha. One of the questions asked by Yaksha was ‘What is the greatest wonder?’. Yudhishtira replied ‘Day after day countless people die. Yet the living wish to live forever. O Lord, what can be a greater wonder?’read more
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