This is a life insurance policy which combines life insurance coverage with a savings component and offers a lump sum payment in case of death of the policy holder at the end of the policy if they survived. On the other hand, the nominee receives a death benefit in case of the death of the policyholder during the term of the policy. These are a long-term policy with 10-30 years.
Types of policy: Full endowment, Low-cost endowment, Limited premium, money back and also Unit Linked.
Benefits: This policy provides financial protection for the beneficiaries and also helps the policyholder to save their money and potentially grow their wealth over time. Policyholders can get the opportunity to choose premium payment options and also choose investment choices.