Endowment plans are flexible life insurance plans that offer the dual benefits of life coverage and savings. On the one hand, it provides life insurance coverage to secure your loved ones' future in the unfortunate event of your death, allowing them to achieve their life goals. On the other hand, it allows you to save money for various goals such as buying a house, funding children's education, etc.
These plans provide a fixed lump sum as a maturity benefit after the policy matures. Since the maturity sum remains unchanged by market fluctuations, you can customise your plan to fulfil your financial goals. Another benefit of endowment plans is that they provide complete flexibility in choosing the premium frequency, whether monthly, quarter, yearly or a one-time lump sum.