These plans are used as tools to fulfil specific goals in one’s lives.
These products are suitable for all types of age groups.
Mostly has all basic facilities required by an individual.
These types of policies are suitable for individual as well as corporates for their employees as a part of additional benefit.
| Title | Description |
|---|---|
| Details | An endowment life insurance policy is a policy that couples the benefit of life insurance with the concept of savings. These policies, unlike pure term insurance, provide both death and maturity benefits. |
| Death Benefit | On unexpected demise of the policy holder, his/her nominee will receive benefit from the Insurance Company. |
| Critical Illness Benefit | On Survival of the term, the policy holder gets survival benefit from the Insurance Company |
Minimum & Maximum age at Entry: Varies from company to company
Minimum & Maximum Term: Varies from company to company
Minimum & Maximum Sum Assured: Varies from company to company
Tax Benefits for Individuals: As per Government & Regulatory body’s Guidelines. Benefits under 80 C.
Tax Benefits for Corporates: As per Government & Regulatory body’s Guidelines. Benefits under 80 C.
Treated as Expenses by the Company.
| Death Benefit | Maturity Benefit |
|---|---|
| If there happens an unexpected demise of policy holder in the policy term, nominee gets the death benefit plus the bonuses if any. Benefits are tax free. | If the policy holder survives the term, he gets survival/ maturity benefit plus bonuses. Benefits are tax free |