If you are looking for a dual benefit policy that offers not only life insurance. But also helps you grow your savings, an endowment plan is the one for you. You can save on a regular basis over a time period. Which was chosen by you, if you survive policy maturity, you receive the entire corpus t as a lump sum.
In event of the death of the insured, the nominee receives the sum assured along with a bonus if any. An endowment policy is a good option which helps to you meet financial goals. Such as the education of your children or their marriage. And also purchasing a house or even planning your retirement.
Types of endowment plans
- Unit linked endowment plan: In this type of unit linked policy. The life insurance premium is used to purchase units in different investment funds .
- Full endowment plan: The policyholder receives the sum assured as promised at the time of policy purchase. However, depending on whether or not the company declares a bonus. The final payout including the surplus amount may be higher upon policy maturity or death of the insured.
- Low cost endowment: The insured is allowed to accumulate funds Which are usually to be paid after a determined period or mortgage.
- Non profit plan: Such endowment plans offer guaranteed additions instead of bonuses since they do not participate in the profits of the life insurance company. This helps generate returns for the policyholder and also make them attractive as compared to other plans in the market.
Instead of opting for a traditional endowment policy, you can purchase iSelect Star term insurance plan from Canara HSBC Oriental Bank of Commerce Life insurance. Enjoy the return of premium benefit upon survival of policy period while staying protected for life or limited period of time as per your choice.
Inbuilt coverage for accidental death, disability as well as child benefit among others offers additional protection. So secure the financial future of your family by purchasing life insurance that suits your needs and helps your family achieve their financial goals and fulfill their dreams.