What is Endowment Plan and Insurance Policies

What is endowment plan?

An endowment plan is very useful life insurance policy. Endowment plans have dual properties first is to fulfill the requirements for life coverage and also help in savings under this single policy. Insured also gets retirement plans to save his future and get income from saving policy. The saving policy brightens your future and provides money for your accommodation, education and marriage of your children. There are two types of endowment plans-with profit and without profit. These two types contain several variations of endowment plans designed to fulfill the need of your family and whole life protection and pensions.

For whom endowment plans are suitable?

According to the insurance experts, endowment plans provide an easy way for savings, which can be used in emergency. This plan is suitable for everyone including doctors, salaried people, entrepreneurs and lawyers to get the long term financial protection.

Why should we get endowment plan?

Endowment plans offer a variety of ways to save money for future. The most important feature of this plan is the life coverage such as if main bread winner passes away this plan pays the money to family of insured. Endowment plan secures you and your family’s future.

Factors to be checked before purchasing endowment plan:

If you want buy the endowment plan, first of all check the terms and conditions and risk coverage provided by policy .However, you should also check the premium rates of different endowment policies. You must go for the policy that gives you maximum money in return and fulfills your need in some extent.

Conclusion:

In this article the importance of endowment plan is mentioned. Simple and easy benefits of this plan are introduced to give maximum benefits to the customer. You should buy this plan to protect your family and reduce the chances of financial loss.