Looking for a New Endowment Plan? 4 Things to Know

The uncertainties of life have immensely grown after the impact of Covid-19 on a global level. We never know when our family or we might face a financial emergency. Moreover, in case of the breadwinner’s untimely demise, the family might have to face financial and emotional impacts on the family. This can make it difficult for them to continue with their lives and achieve their goals and dreams. The cost of inflation rates has seen an immense rise making it hard to for us manage our and our family’s current financial requirements as well as save a lump sum amount for the coming years.

In today’s time and age, investing in a new endowment plan has become one of the most preferred choices as a means of financial security for your family and yourself. Before investing in a new endowment plan, it is important to know everything about it. In this article, we will look at what is a new endowment plan and a few things you should keep in mind.

What is a New Endowment Plan?

A new endowment plan is a type of life insurance plan that comes with a dual benefit of financial safety and saving. This plan also comes with a provision for investment. In other words, you can invest your money in market-related options, such as stocks, bonds, equity, shares, etc., for wealth creation.

What are the Benefits of Investing in a New Endowment Plan?

1. Financial Security

One of the key features of investing in a new endowment plan is that it provides financial security in the difficult times of the rising cost of living and inflation rates. Moreover, this will ensure that your family and you can easily fight the inflation rates and can continue to live your lives without any financial constraints.

2. Lump-Sum Death Benefits

We never know when an unforeseen event might fall upon our family or us. In case of an untimely demise of the breadwinner, the new endowment plan will provide a lump sum amount of death benefits to the family. This will ensure that the policyholder’s family does not face any financial hassles, even if the breadwinner of the policyholder is not there to provide a financial safety net.

3. Add on Rider Benefits

A new endowment plan offers the benefit of opting for additional rider options. This feature provides additional benefits and a larger cover under one policy. The policyholder can choose from numerous additional rider options, such as Waiver of Premium Rider Benefits, Accidental Death Rider Benefits, Critical Illness Rider Benefits, etc.

4. Tax Deduction Benefits

Another key feature of investing in a new endowment plan is tax deduction benefits. Under this plan, the policyholder can claim upto Rs. 1.5 lakhs of tax deduction benefits in one financial year under Section 80C of the Income Tax Act, 1961.

Your Way Forward

You now know everything about what is endowment plan is and what are the benefits of investing in this plan. A new endowment plan will ensure that you and your near and dear ones are financially secure and do not face any hardships in future. You can also compare and choose endowment plans that matches your and your family’s financial requirements.

So, if you are planning to invest in a new endowment plan, then Bharti AXA is the ultimate destination. We are a leading insurance providing company and are trusted by people from all across the country. We provide new endowment plans for you to invest in. Furthermore, we come with a claim settlement ratio of 99.09% and 24/7 customer care service, etc. For more information on the new endowment plan, get in touch with us today.