Best Benefits for Having Endowment Life Insurance Policy
In foreign countries Life Insurance Policy became mandatory to each and every person. It has multiple applications and hence it became mandatory in foreign countries. Types of insurance policies will depend on the objectives. Each life insurance policy has its own importance depending on their applications. Some are eligible for life long and some will be for certain period of time. These types also depend on the profit levels and risk involved.
Endowment policy mainly concentrates on high bonus and high liquidity. All types of life insurance policies are savings oriented and endowment policy is with moderate premiums. After completion of policy term, the insured person receives back huge sum of money. This money is matured amount of the plan which usually ranges between a period of 10 years to 15 or 20 years depending on our capacity. Endowment policies are basically of two types, with profit and without profit. Within these two classes there are many variations of endowment plans structured to meet the need of our requirement. These policies are helpful for child education, whole life protection and pension as risk involved is very less.
In Endowment policy we have chance to declare bonus every year. The money that is invested generates a certain return every year and this return may be declared as a bonus. Bonus every year is not possible with other type of insurance policies. If the policy holder died during the period of the policy, his nominee gets the amount of the sum assured or if he/she met with accident, they can claim all their medical bills and we can go for regular free medical checkup.