1. What is endowment plan and should I buy it?
An Endowment Plan is a form of life insurance that combines the benefits of protection and savings into a single policy. Apart from providing life insurance, endowment plans help the policyholder save regularly and provides a maturity amount at the end of policy period. Opt for an endowment plan when the goal is to create a corpus to meet your long-term financial goals and also provide financial security to your loved ones against any unforeseen situation. Use an Future Wealth Calculator to evaluate returns on your investment.
2. What is reversionary bonus?
Reversionary Bonus means the non-guaranteed bonuses declared, if any, as a percentage of Basic Sum
Assured, subject to the availability of surplus and payable on death or during the Benefit Payout Term.
3. What is money back plan?
A Money Back Plan provides guaranteed payout at regular intervals during the premium payment term to help you achieve short term goals. They also provide life insurance cover. Some Money Back plans offer lump sum at maturity as well.