• 6 Things You Must Know About Endowment Plans

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    An endowment plan is a type of insurance plan which not only provides you with a cover but also allows you to invest a part of the premium in bonds, stocks, etc., so you can get a modest amount upon maturity. Hence, this type of plan is brilliant for you due to its dual nature of providing both cover and maximising your savings, and is recommended if you have long-term goals to fulfill. Some of the key benefits that you may enjoy on availing this type of plan are that you get to enjoy tax benefits under the Income Tax Act, 1961 as well as take a loan in case of any monetary requirement. However, you must know various other things about this type of plan before purchasing one for yourself.

    When to buy an endowment plan?

    This type of plan is recommended for you if you have long-term goals which you want to fulfill. For example, if you want to build a corpus that will help you in taking care of your children’s education and marriage, or allow you to buy a home in future, then it is highly recommended that you purchase an endowment policy. The dual nature of this plan helps in fulfilling the future dreams of your loved ones even if you are not around in future.

    List of some of the endowment plans you may purchase

    • LIC New Endowment Plan
    • Kotak Classic Endowment Plan
    • Reliance Super Endowment Plan
    • SBI Life- Smart Bachat
    • BSLI Dream Endowment Plan

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