What are Endowment Assurance Plans?
An endowment assurance plan is a type of life insurance plan that provides financial security to you and your family. This plan provides a lump sum amount of death benefits in case of the policyholder's untimely and unfortunate demise. Moreover, this plan provides you with ideal returns that will help you and your family achieve your goals.
What are the Benefits of Investing in a Term Insurance Plan?
Few benefits of investing in an endowment assurance plan are as follows –
1. Financial Security
One of the key benefits of investing in an endowment assurance plan is that this plan provides you and your family with financial security in the hard times of the rising cost of inflation rates.
2. Tax Benefits
Another key benefit of investing in an endowment assurance plan is tax benefits. This plan provides a lump sum amount of tax deduction benefits of upto Rs. 1.5 lakhs in one financial year under Section 80C of the Income Tax Act, 1961.
3. Lump-Sum Death Benefits
In case of unforeseen and unfortunate demise of the policyholder, the family might have to face emotional and financial drawbacks. In this case, an endowment assurance plan provides the family with a lump sum amount of death benefits. This will ensure that the family can continue with their lives even if the policyholder is not there to provide a financial safety net.
4. Benefit of Additional Rider Benefits
People often invest in numerous life insurance policies at once so that they can avail numerous benefits and get a larger cover. This can often become hectic and confusing. An endowment assurance plan comes with the option to choose from additional rider benefits. Choosing rider options will provide the policyholder with numerous 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.
Your Way Forward
You now know everything about what an endowment assurance plan is and what are the benefits of investing in this plan. This plan provides you and your loved ones with financial security and ensures that your family can continue with their lives and achieve their goals even if you are not there to back them up financially. Moreover, having invested in this plan will ensure that you will be able to live your life with peace of mind and not come across any financial hassles in the future.
Bharti AXA is a leading insurance providing company that providing endowment insurance plans in India. Moreover, we also ensure that you do not face any hassled while investing in this plan.
For more information on the endowment plan, get in touch with us today.