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Endowment policies are the safest bet when you want to cover your entire family and are a middle class salaried person. Endowment policies are the safest in the sense that the sum assured and the benefits one gets from these polices are pure ones. Various add – ons or riders make them more open. These are perfect in condition where you wish to ensure your entire policy.
One of the best use of an endowment policy is repaying the mortgage once sum assured is received at the end of the term of the policy.
Endowment Policies are often known as pure insurance polices for the fact they come with sum assured which generally does not change along with the term of the policy. These are unlike ULIPs where the sum assured, often comes which changing amount of benefits. In an Endowment Policy, your family (or the surviving) gets the sum insurance in event of your death. The sum assured is given either in one time payment (lump sum) or in regular cheque payment – as mentioned in the policy.
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In Endowment Policy you can also take add – on or rider. A addd rider in terms of Insurance Industry is the additional cover which you can purchase at an additional cost. These riders are linked with the policy and the amount of premium you pay includes the rider fee.
One of the best covered rider is Critical Illness Rider which includes cover for critical illness like cancer, heart attack, kidney failure, motor neuron disease, stroke, paralysis, benign tumor, angioplasty, Parkinson’s disease, heart valve replacement, aorta graft surgery, permanent total disability, major organ transplant multiple sclerosis and so on….
Protecting yourself and your family from the unseen and unpredicted is a good thing. To realize the importance of insuring your family thereby safeguarding them from the worst is a work of fast and realism. The sooner you realize this fact, the better it would be.
Endowment plans are good for salaried people or for those who do not believe or can’t afford taking risks. Several private and govt. life insurance providers are offering life insurance policy. Best named like LIC, ICICI Prudential and Aegon Religare often offer get good after sales services. Call on an insurance advisor and get your family secured.
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