Top 3 Endowment Insurance Policies To Invest In India

An endowment insurance plan delivers the twin benefits of insurance coverage and guaranteed asset building. Lengthy investments are the goal of the initiatives. The death benefit is paid if the insured dies during the policy's term. A maturity benefit is provided if the insured lives until the conclusion of the policy term. As a result, endowment plans assist policyholders in saving for their financial objectives. 

The plans' benefits are backed by a guarantee. As a result, the profits offered by endowment plans are risk-free. Endowment plans are a wonderful option for risk-averse investors. Bonus declarations increase the rewards payable in participating endowment plans. The policyholder receives a good return as a result of this. Guaranteed or loyalty additions augment the benefits due on death or maturity even in non-participating plans. The plan provides insurance coverage as well as a savings account for the policyholder's needs.

Top 3 Endowment Insurance Policies

The following are the top 3 Endowment insurance policies:

• HDFC Sanchay Plan

The HDFC Sanchay Plan is a typical Endowment Plan with Guaranteed Benefits, allowing you to save while simultaneously getting life insurance coverage. It's a non-participating plan with a premium payment choice that's limited. Benefits are calculated as a percentage of the Sum Assured and vary according to the period selected. For each finished policy year, Guaranteed Additions of 8% for terms 15-19 years and 9% for terms 20-25 years accrue. 

The basic SA, as well as the aggregate Guaranteed Additions, are paid upon maturity. On the death of the policyholder, the higher of the basic SA or ten times the annual premiums paid or 105 percent of premiums paid is payable + accrued Guaranteed Additions Income tax benefit on premiums paid under Section 80C and on claims received under Section 10(10D) of the Income Tax Act is payable.

Must read: What Are The Benefits Of Single Pay Endowment Plans?    

• Edelweiss Tokio GCAP

This is a non-linked, non-participating life insurance plan designed to help you maximize the money generated by your income so you can live life to the fullest. What sets the Edelweiss Tokio Life Insurance – GCAP apart from other life insurance plans is that it includes Guaranteed Maturity and Death Benefits, as well as Guaranteed Accrual Addition. All of the advantages are guaranteed from the start. Guaranteed Accrual Additions provide additional benefits beginning in the 9th policy year. There is a loan facility available. Boost your benefits by adding a variety of riders. Maturity benefit payments can be received as a lump sum.

• Bharti AXA Life Secure Income Plan

Bharti AXA Life Secure Income Plan is a classic non-participating savings plan that provides monthly revenue to afford unexpected needs as well as life insurance coverage for protection. It's a non-participating plan with a premium payment choice that's limited. After the premium payment term has ended, Guaranteed Income is paid every month. Guaranteed Additions are accumulated after the premium payment term has expired, until maturity or death. The Guaranteed Additions rate is determined by the policy term and the PPT.

Conclusion

Endowment policies are a type of insurance that has two functions. Endowment insurance could be used to create a risk-free deposit account that will secure a family's finances in the event of a tragedy. The clarity of an endowment plan makes it a beneficial savings option for everybody. An economic security net for the insured and his or her family is provided by an endowment policy.

Also read: What Is The Eligibility Criteria For Purchasing An Endowment Plan?

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.