MoneyMindz.com India's First Free Online Financial Advisory

MoneyMindz.com India’s First Free Online Financial Advisory

A unique plan created in order to offer a huge amount after a certain term period, or death of a person is known as the endowment plans. Specific period of the plan would range from 5, 10, 15, 20 years and above. The formula revolving around creation of the endowment plan will consist like:

Insurance + Savings = Endowment Plans

Moneymindz is equipped with finest financial advisors available to give guidance to customers in India about endowment plans.

Need For Endowment Plans:

Indians, unfortunately do not have foresight like the people in the western world. Endowment plan play a major role in enhancing our efforts in doing the planning and foresight. Endowment plans are the best plan, consisting of various investment aspects. Some of the two events surrounding endowment plans are:

§  Death benefits covering life of the insured person.

§  Maturity benefits, if insured survives the policy term.

Kinds Of Endowment Plans:

Some of the types of the endowment plans are given below as follows:

1.    Full Endowment Plan: One of the best plan, where in you will be assured with the basic sum assured. Amount, you get at the end of maturity will depend on annual growth rate. Premium amount will be credited to company account and bonus will get added to the account. Hence the amount you get will be higher than assured fund.

2.     Unit Linked Endowment: There is a chance of life coverage and savings is invested in market shares.

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3.  Low Cost Endowments:  A vital kind of endowment policy designed, to pay sum assured plus genuine bonuses. It is offering guaranteed minimum death benefits. They offer lump sum amount, during the death of policyholder, or during maturity of the policy.

4. Unitised With Profit Endowment: A unique profit scheme, where in a particular value is guaranteed to obtain the minimum return amount. 

MoneyMindz.com India's First Free Online Financial Advisory

Advantages of Endowment Plans:

Some of the advantages of endowment plans are as follows:

§  It is good in offering the dual benefits of long term investment and insurance.

§  Most of the endowment plans are very straightforward and problem free.

§  You develop a logical/disciplined approach to savings, by making certain payment within a specific time.

§  Your returns will be awesome during the policy periods.

§  Various policyholders take loan against any endowment policy.

§  Double tax benefits as per income tax act, under Section 80 C.

§  Good in offering the ultimate level of flexibility.

§  Comes with additional facilities to policyholders like higher education, marriage, medical assistance and others.

Disadvantages of Endowment Plans:

Negatives of the endowment plans are:

§  Endowment plan offers low returns.

§  premium amount is very high.

§  Surrender value of policy is lower than the premium amount.

Hence, one can feel secure with quality endowment plans in India. 


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