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Home » Endowment Insurance Plans – Best Endowment Policy in India Online

Endowment Insurance Plans – Best Endowment Policy in India Online

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Endowment Policy

An Endowment Insurance or an Endowment policy is an insurance contract designed to pay a lump sum amount after a specific term (i.e. on maturity) or on death. Typical maturities are 10 years, 15 years or 20 years up to a certain age limit. Some Endowment insurance plans also pay out in the case of critical illness.

Benefits and Features of Endowment Policy:

  • Maturity Benefit: On maturity, a pre-determined amount will be paid to the policyholder.
  • Death Benefit: In case of policyholders death, the beneficiary/nominee would be entitled to the SA (sum assured) or the accumulation amount, excluding outstanding premiums, whichever is higher.
  • There will be High Liquidity.
  • Limited Premium payments.
  • Savings oriented.

Types of Endowment Policies:

Types Description
Unit-Linked Endowment Under this plan, the premium is distributed into several units of a specified investment fund. The Policyholders can choose the investment fund, where they desire to invest their premiums.
Full Endowments It is a policy, where the basic amount ensured is equal to the death benefit from the starting of the policy. The final payout is relatively large, based on speculated market-led appreciation.
Low Cost Endowment (LCE) This is designed to collect the sum needed to pay after a given term, usually for paying off a mortgage. But, there are no guarantees. To pay off their mortgage, investors may have to increase their premiums.

Example of Endowment Policy:

Suppose Mr.Baek has a Endowment Insurance plan for 20 years with SA (sum assured) of 1 lakh.

  • Maturity Benefit: On survival of the policyholder till the end the policy term, Mr.Baek will get Sum Assured + Bonus => 1 lakh + Bonus.
  • Death Benefit: In case of death of Mr.Baek during the policy term of 20 years, for suppose death is occured on the 10th year, then nominee will get Sum Assured + Bonus for 10 years => 1 lakh + Bonus for 10 years.

Endowment Policies of Different Life Insurance Companies

1. AEGON Religare Life Insurance Company

Endowment Insurance Plans:

  • AEGON Religare Guaranteed Growth Insurance Plan
  • AEGON Religare Iguarantee Insurance Plan

Children Insurance plans:

  • Aegon Religare Educare
  • Aegon Religare Educare Advantage Insurance Plan

2. Aviva Life Insurance Company India

Endowment Insurance Plans:

  • Aviva New Family Income Builder

Children Insurance plans:

  • Aviva Young Scholar Advantage
  • Aviva Young Scholar Secure

3. Bajaj Allianz Life Insurance Endowment Insurance Plans

  • Bajaj Allianz Save Assure

4. Bharti AXA Life Endowment Insurance Plans

  • Bharti Axa Aajeevan Sampatti
  • Bharti AXA Life Secure Savings Plan
  • Bharti AXA Life Flexi Save Plan

5. Birla Sun Life Insurance Company

  • Not available

6. Canara HSBC OBC Life Insurance Company

Endowment Insurance Plans

  • Not available

Children Insurance plans

  • Canara HSBC OBC Future Smart Plan

7. DHFL Pramerica Life Insurance Company

  • Not available

Children Insurance plans

  • DHFL Pramerica Future Idols Gold Plan
  • DHFL Pramerica Rakshak Plan

8. Edelweiss Tokio Life Endowment Insurance Plans

  • Edelweiss Tokio Life Safe N Sure Plan
  • Edelweiss Tokio Life Single Pay Plan

9. Exide Life Insurance Company

Endowment Insurance Plan

  • Exide Life Secured Income Insurance RP

Children Insurance plans

  • Exide Life Creating Life Child Protection Plan

10. Future Generali Life Insurance Company

  • Not available

11. HDFC Standard Life Insurance Company

Endowment Insurance Plans

  • HDFC Life Classicassure Plus Plan
  • HDFC Life Sanchay
  • HDFC Life Super Savings Plan

Children Insurance plans

  • HDFC Life YoungStar Udaan

12. ICICI Prudential Life Insurance Company

  • Not available

13. IDBI Federal Life Insurance Company

  • IDBI Federal Lifesurance Savings Insurance Plan

14. IndiaFirst Life Endowment Insurance Plans

  • IndiaFirst Maha Jeevan Plan
  • IndiaFirst Simple Benefit Plan

15. Kotak Mahindra Old Mutual Life Insurance Company

  • Not available

16. Life Insurance Corporation of India (LIC) Endowment Insurance Plans

  • LIC Single Premium Endowment Plan
  • LIC New Endowment Plan
  • LIC New Jeevan Anand Plan
  • LIC Jeevan Rakshak

17. Max Life Insurance Endowment Plan

  • Max Life Life Gain Premier
  • Max Life Whole Life Super

18. PNB Metlife India Insurance Endowment Plan

  • Met Monthly Income Plan

19. Reliance Life Insurance Company

Endowment Insurance Plans

  • Reliance Life Money Multiplier Plan
  • Reliance Endowment Plan
  • Reliance Life Super Endowment Plan

Children insurance plans

  • Reliance Child Plan

20. Sahara India Life Insurance Company

  • Not available

21. SBI Life Insurance Company

  • SBI Life Flexi Smart Plus Insurance
  • SBI Life Shubh Nivesh Plan

22. Shriram Life Insurance Company

  • Not available

23. Star Union Dai-ichi Life Insurance Company

  • SUD Jeevan Safar Plus Plan

24. TATA AIA Life Insurance Company

  • Tata AIA Mahalife Gold
  • Tata AIA Life Mahalife Supreme Plan

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