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5 Benefits of Purchasing an Endowment Policy | Bajaj Allianz Life

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Five Benefits of Purchasing an Endowment Policy


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Aug 09, 2022

By : Bajaj Allianz Life

Whether you wish to secure the financial future of your dependents, ensure your own financial stability, or save to meet your future life goals, a Traditional endowment plan is a suitable investment-cum-insurance option available in the market. While the savings and investment aspect of such plans help you build a corpus for the future, their death benefit makes them suitable insurance option. While you can opt for these long-term savings plans at a later age also, buying them at an early age will help you build a sizable corpus for the future. Let’s have a look at some of the benefits of a Traditional endowment policy:

 

5 Benefits of Purchasing a Traditional Endowment Policy

 

Maturity plus Death Benefits

Traditional Endowment plans are one of the investments plus insurance options that offer you a comprehensive life cover as well as a lump sum maturity benefit amount. For instance, if something untoward were to happen to you during the policy tenure, your listed nominee would be entitled to the death benefit payout as well as the bonuses covered by your Traditional endowment plan (if any) as per policy terms & conditions. However, if you happen to survive the policy tenure, you will be entitled to the maturity benefits from the plan.

Bonus Payments

The maturity amount that you stand to receive at the end of the policy term is quite sizable, taking into account the additional bonuses (if any) that the insurance company might have given on your policy. This implies that you will receive the sum assured under the policy as well as the cumulative sum of the annual bonuses (if any announced by the insurance company) on your Traditional endowment policy.

Additionally, some Traditional endowment plans also offer you a rebate when a high sum assured is selected. This helps you maximise your returns from such plans.

Savings Reserve

Traditional Endowment policies serve as a suitable way to save for your future. Those who wish to save for their long-term goals but lack fiscal discipline can opt for Traditional endowment policies. The saving opportunity provided by such plans help you build a corpus over the policy tenure to meet your future goals.

For instance, you may wish to secure your child’s educational goals by building a corpus well ahead of time, so that her/his educational aspirations remain covered, even in your absence. The benefits of a Traditional endowment policy offer guaranteed maturity returns along with bonuses (if any) that can help ensure this.

Flexibility in Premium Payments

You get to enjoy considerable flexibility when paying premiums for your Traditional endowment plan depending on the policy terms and conditions. You can pick a premium payment tenure that fits your convenience. Thus, when you purchase a Traditional endowment policy, you can choose to pay premiums monthly, quarterly, bi-annually, or annually depending on the policy terms and conditions. Some Traditional endowment plans also allow you to deposit the premium amount as a one-time lump sum payment.

Add-on Riders

While a Traditional endowment plan offers a good financial security blanket for your loved ones, you can always broaden its coverage umbrella to further extend its benefits. With add-on riders like a critical illness cover, a partial or total disability rider, family income benefits cover, waiver of premium cover or accidental death cover, you can broaden the coverage of such a plan, depending on the policy terms and conditions by paying nominal extra premium. The Traditional endowment plans offer you such covers at a nominal rate to help comprehensively insure your life.

 

Summing It Up

 

Most people purchase life insurance plans to build a safety net around their loved ones. A Traditional endowment plan helps cover this aspect of a life insurance policy as well as gives you a savings reserve to meet your set life goals with ease.

If you’re an investor with a medium-risk appetite, the guaranteed Traditional endowment plan with sum assured should appeal to you. Apart from the guaranteed benefits of an endowment policy and bonuses (if any), you also get to enjoy tax rebates on the premium payments and plan benefits under Section 80C and 10D of the Indian Income Tax Act, 1961 respectively, subject to provisions stated therein. This makes them prudent insurance -cum- investment options to consider. Take the aid of an investment calculator for further assistance.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.