Top 5 endowment plans to secure your family’s future.
An endowment policy is a life insurance plan that encompasses the advantages of a life insurance policy and an investment plan.
That said, endowment plans like Bajaj Allianz POS Goal Suraksha extend dual benefits of providing a substantial risk-free corpus and securing the financial position of one’s family during any unfortunate event.
Thus, individuals considering investing in this insurance plan should learn about a few popular plans beforehand.
Hence there are lot of plans to ensure our family’s financial future viz. endowment, family floater plan. Additionally one can draw comparison between family floater vs endowment plan to invest for a better life.
Top 5 endowment plans to look for in India
Mentioned below are the top 5 endowment plans that individuals can consider purchasing:
1. Bajaj Allianz Life POS Goal Suraksha
Bajaj Allianz Life POS Goal Suraksha is a limited premium payment endowment plan, providing a guaranteed sum on maturity. The various benefits of this policy are –
- Limited premium payment term
- Maturity benefit – The guaranteed sum assured plus additions are paid on maturity if all premiums have been paid.
- Death benefit – The nominees will receive the sum higher of – 10x annualised premium, 105% of premiums or the sum assured.
- During policy renewal, policyholders can change the premium payment frequency to monthly, yearly, half-yearly, or quarterly.
2. HDFC Life Sampoorn Samridhi Plus
This endowment plan by HDFC is a non-linked participating life insurance policy that provides the insured with more control over his/her financial position. It has a host of benefits, including –
- Life coverage benefits up to 100 years of age
- Maturity benefit – On maturity, the policyholder will receive the sum assured and additional bonuses if he/she has paid all premiums.
- Death benefit – On the death of the policyholder, given that he/she had paid all premiums, the nominees will receive – 105% of all premium payments or sum assured plus additional bonuses, whichever is higher.
- It provides an additional corpus equal to the sum assured in case of accidental death of the policyholder.
3. Kotak Classic Endowment Plan
Kotak Classic Endowment Plan offers an opportunity for policyholders to create savings and wealth accumulation simultaneously. Here are a few benefits of this policy:
- Protection up to 75 years of age
- Maturity benefit – The policyholder will get the sum assured plus terminal bonus and accrued reversionary bonus on policy maturity.
- Death benefit – On death of the policyholder, the nominees will get the sum assured on death and bonuses accumulated till death.
- Policyholders can choose between regular or limited premium payment methods.
4. Reliance Nippon Life Endowment Plan
This endowment plan by Reliance assists policyholders in savings and rewards them with bonuses while providing a substantial lump sum corpus. Here are a few benefits of this policy:
- Flexible premium payment options, such as yearly, half-yearly, quarterly or monthly.
- Maturity benefit – On survival of the policyholder and payment of all premiums, he/she will receive the sum assured plus additional bonuses, subject to 100.1% of total premium payments.
- Death benefit – If the policyholder dies while the policy is still active, his/her nominees will get the maximum of the sum assured plus additional bonuses or 105% of total premium payments.
- One can choose between a policy term of 10 and 25 years.
5. LIC Limited Premium Endowment Plan
This endowment plan by LIC is a participating non-linked life insurance plan featuring a combination of savings and financial protection. The plan provides the following benefits:
- Takes cares of a policyholder’s liquidity needs
- Maturity benefit – Upon this policy’s maturity, the policyholder will get the sum assured and Final Additional bonus and Simple Reversionary bonuses. He/she will only receive this on payment of all premiums.
- Death benefit – If the policyholder dies during the policy term, his/her nominees will get the sum assured along with Final Additional bonus and Simple Reversionary Bonuses. This death benefit must not be lower than 105% of all premium payments till death.
- Policyholders can also choose rider benefits, such as LIC’s New Term Assurance Rider and LIC’s Accidental Death and Disability Benefit Rider.
Evidently, all these endowment plans are a great way of building and managing wealth while securing one’s long term financial objectives. So, individuals who have an active standard life insurance policy, like a family floater plan, can consider switching to this policy and enjoy an extensive coverage.
That said, one can also draw the comparison between family floater vs endowment plan. Individuals can assess various family floater plans and endowment policies in this platform and make a decision on which policy will suit him/her better.
Moreover, make sure to look at the above-mentioned endowment policies such as POS Goal Suraksha and others offered by the leading insurance companies to make an informed decision.