Top 3 Endowment Policies In India 2024

In the life insurance industry, endowment plans are all-rounders. If you really want insurance coverage, a maturity advantage, and a tax deduction in one package, invest in an endowment scheme. Because the cumulative period is longer, endowment programs function better when invested for 15 to 20 years, resulting in a big maturity amount at the policy's end. The maturity amount can be utilized to pay large expenses like a child's college tuition or a wedding, or it can be saved for retirement. An endowment contract is a policy of insurance coverage that also serves as a platform for the policyholder's investments. Endowment policies provide insurance coverage for a specific time period.

Endowment policies are life insurance policies that cover your entire life and allow you to save money over time in order to get a lump sum payment when the policy matures. The following are some advantages of a solid endowment plan:

Flexibility: It should allow you to pay monthly, quarterly, half-yearly, or annual premiums.

High Return: When compared to ordinary life insurance policies, it should deliver more rewards to the assurer on surviving and to the nominees on the life assured’s death.

Best Endowment Policies In India 2021

Below are a few Endowment policies you must invest in 2021:

Edelweiss Tokio GCAP 

The GCAP Plan from Edelweiss Tokio Life is a guaranteed-return plan. 

Features to look for:

• All of the advantages are assured upfront.
• From the 9th policy year onwards, you will receive additional advantages. 
• Accrual Additions that are guaranteed.
• There is a loan option available.
• Boost your benefits by including a variety of riders.
• Maturity benefit payments can be received in a lump-sum amount.

ICICI Pru Guaranteed Income For Tomorrow

For a secure future, it becomes critical to select the appropriate investment option. Anyone who is unsure about the importance of the ICICI Pru Guaranteed Income For Tomorrow should read the following:

• The family's financial security is protected by life insurance.
• Benefits are guaranteed in the form of a regular income or a lump amount, allowing you to save for your goals in life.
• The ICICI Pru Guaranteed Income For Tomorrow offers the option of taking a loan in case of a financial emergency.
• Get assured money when you need it with the 'Save the Date' option.
• An opportunity to obtain a guaranteed income starting in the second year.
• Women's benefits are also increased under the scheme.
• According to current tax legislation, the tax benefits will apply to both paid premiums and rewards received.

Bharti AXA Life Super Series Plan

The Bharti AXA Life Super Series Plan offers several advantages, some of which are listed below:

• The Birla Sun Life Insurance Group Asset Assure Plan allows policyholders to choose between paying a premium or making a contribution.
• They can also select from annual, half-yearly, quarterly, or monthly payout options.
• To obtain this coverage, policyholders are not required to do any medical examinations.
• Customers can purchase insurance products, file claims, get advice, and track the performance of their investments on the Bharti AXA Life Insurance website.
• Customers can pay using credit cards, debit cards, e-wallets, and other methods online. They have the ability to calculate premiums as well.
• Customers may see if an insurance plan is right for them and estimate the cost before purchasing it.

Conclusion

Endowment plans are life insurance products that combine the advantages of both life insurance and savings. These plans not only protect you and your family, but also build wealth over time to help you achieve your financial goals, such as saving for retirement, purchasing a new house, or funding your child's higher education.

When the policy expires, the majority of these plans provide you with a fixed Maturity Benefit. Some plans, on the other hand, can help you build a steady stream of money over the course of your policy. This aids in achieving a good return while minimizing risk.

Also read: Benefits of Buying an Endowment plan

Mutual Funds V/S Endowment Plans- Which one is Ideal for me?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.