 |
| policybazaar.com |
70 NEWS JAPAN - If you are an impulsive buyer and spend a lot of money without any prior planning, an endowment plan is the right plan for you. That is because an endowment plan provides a disciplined route for long-term savings. Buying an endowment plan is beneficial for those individuals who have a regular flow of income and might need a significant amount of money after a certain period of time.
Read - Should regulators block CVS from buying Aetna?
An endowment plan is a life insurance policy that provides life coverage along with an opportunity to save regularly over a specific period of time so that they can receive a lump-sum amount on the maturity of the policy. Subsequently, one can use this maturity benefit to fulfill their various financial needs like funding their children’s education, saving for retirement, buying a house, children’s marriage etc.
The plan not only provides maturity benefit, but in case of eventuality, the beneficiary of the policy also receives the full sum assured amount. Thus, we can describe endowment plan as an insurance plan that allows you to save and offers a lump-sum maturity benefit.
Read - 7 Types of Insurance You Need to Protect Your Business
The major benefit that can be availed under endowment plan includes financial security of the loved ones, tax exemption under section 80C and (10D) of income tax act, goal based savings, in case of any emergency option to avail loan facility against the policy.
Insightful article! True Balance's Small Loan app helped me kickstart my side hustle. It's perfect for those needing a little boost.
ReplyDelete