WHAT IS IT ?
Endowment insurance plans provide protection and savings for a specific period of time. The insured can get the sum assured plus any bonus or guaranteed additions that may accrue during the policy term. The money will be paid at the end of a specific period or upon your demise or if you suffer total and permanent disability.
An investment-linked insurance plan is a life insurance that combines investment and protection. Your premiums provide not only a life insurance cover, but part of the premiums will also be invested in specific investment funds of your choice. You get to choose how to allocate your insurance premiums towards protection and investment.
WHY DO I NEED IT ?
You want the flexibility to choose your own level of saving, protection and investment.
You wish to vary the amount of your premium payments or coverage based on your own personal financial situation.
You have the flexibility to choose the type of funds based on your risk aptitude.
You want a saving plan to maintain your standard of living after retirement.