{"id":513,"date":"2020-10-01T11:50:36","date_gmt":"2020-10-01T11:50:36","guid":{"rendered":"http:\/\/blog.insurancesamadhan.com\/?p=513"},"modified":"2024-11-02T20:51:00","modified_gmt":"2024-11-02T15:21:00","slug":"what-is-endowment-plan-and-their-benefits","status":"publish","type":"post","link":"http:\/\/www.insurancesamadhan.com\/blog\/what-is-endowment-plan-and-their-benefits\/","title":{"rendered":"What is Endowment Plan and Their Key Benefits"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/what-is-endowment-plan-and-their-benefits\/#How_Does_Endowment_Work\" >How Does Endowment Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/what-is-endowment-plan-and-their-benefits\/#How_big_of_an_endowment_plan_do_I_need\" >How big of an endowment plan do I need?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/what-is-endowment-plan-and-their-benefits\/#Is_an_Endowment_Plan_a_Good_Investment\" >Is an Endowment Plan a Good Investment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/what-is-endowment-plan-and-their-benefits\/#Tax_Benefits_of_an_Endowment_plan\" >Tax Benefits of an Endowment plan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/what-is-endowment-plan-and-their-benefits\/#Which_Endowment_Plan_is_Necessary\" >Which Endowment Plan is Necessary?<\/a><\/li><\/ul><\/nav><\/div>\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Does_Endowment_Work\"><\/span>How Does Endowment Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>An endowment is a savings plan that creates a fund for a particular purpose. The purpose is usually a responsibility we have as adults. This could be your children\u2019s higher education, wedding, or retirement.<\/p>\r\n\r\n\r\n\r\n<p>An endowment fund can be created through Mutual Funds, Post Offices, Banks, and Insurance.<\/p>\r\n\r\n\r\n\r\n<p>An\u00a0<a href=\"https:\/\/www.insurancesamadhan.com\/blog\/endowment-life-insurance-policy-in-india\/\">Endowment Insurance policy<\/a> is essentially a life insurance policy that apart from securing the policyholder\u2019s life, helps them save money regularly. The lump-sum money given at maturity is guaranteed despite the death or survival of the policyholder. Hence, the purpose of saving will always be fulfilled no matter what.<\/p>\r\n\r\n\r\n<center><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/stage.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Insurance Samadhan\" width=\"500\" height=\"70\" border=\"0\" \/><\/a><\/center>\r\n\r\n\r\n<p>Insurance is a unique way of saving, all your money is given to you or your family members on death or if you survive too.<\/p>\r\n\r\n\r\n\r\n<p>Experts say endowment insurance is a must for all individuals who have certain responsibilities to fund that are inevitable.<\/p>\r\n\r\n\r\n\r\n<p>Usually, people separate the terms insurance and investment, although some experts think a bit differently.<\/p>\r\n\r\n\r\n\r\n<p>For instance, your child\u2019s higher education is something that you would want to pay for no matter what. To sponsor your child, you cannot risk putting your money in the market.<\/p>\r\n\r\n\r\n\r\n<p>Say, you invested in\u00a0<a href=\"https:\/\/www.insurancesamadhan.com\/blog\/mutual-funds-vs-ulips-which-is-best\/\">mutual funds<\/a>\u00a0and in the year 2020, your child would require that money for his education and while this year being your fund&#8217;s maturity, the amount of money you have collected in these 20 years, would be considerably less than you saved since the\u00a0<a href=\"https:\/\/www.insurancesamadhan.com\/blog\/small-and-medium-enterprise-sme-insurance-policy\/\">COVID19 pandemic<\/a>\u00a0has caused a downfall in the market<\/p>\r\n\r\n\r\n\r\n<p>However, this would not happen if you have an Endowment insurance policy where rates are not dependent on the market. Your child would get the entire money for his education in 2020.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_big_of_an_endowment_plan_do_I_need\"><\/span>How big of an endowment plan do I need?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>If you are married with 2 children, approximately 1 core would be sufficient for the responsibilities you have i.e. higher education for 2 children (extra if it is overseas), retirement, wedding, and an emergency health fund.<\/p>\r\n\r\n\r\n\r\n<p>And for this, you would need approximately 2 to 2.5 lakhs for the next 30 years.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_an_Endowment_Plan_a_Good_Investment\"><\/span>Is an Endowment Plan a Good Investment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Yes, an endowment plan is a good investment that guarantees to pay you a lump sum at survival or death. Ideally, 30% of your wealth creation should be endowments and 70% can be investments through any other instruments.<\/p>\r\n\r\n\r\n\r\n<p>For instance, you have invested Rs 100 in endowment insurance, Rs 15\/20 goes into purchasing the insurance. The remaining interest is 4.78 out of which 10% goes to the insurance provider and the balance 4.4% will come to you. (which is tax-free)<\/p>\r\n\r\n\r\n\r\n<p>Although, If you have invested Rs 100 in mutual funds, you will receive a 6% interest out of which 1.8 is taxable. This leaves you to 4.2. Hence an endowment plan is a good investment that promotes regular savings.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Benefits_of_an_Endowment_plan\"><\/span>Tax Benefits of an Endowment plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>The Government of India allows tax benefits for endowment plans in two ways &#8211;<\/p>\r\n\r\n\r\n\r\n<ol class=\"wp-block-list\">\r\n<li>30% of tax rebate<\/li>\r\n<li>The money you will get on the death of survival will be tax-free.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n<p>This helps you save tax at the time of inception of the policy, accumulation stage, and also the maturity stage.<\/p>\r\n\r\n\r\n\r\n<p><strong>Demerits of Endowment Plan<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Return is comparatively less<\/p>\r\n\r\n\r\n\r\n<p><strong>Merits of Endowment Plan<\/strong><\/p>\r\n\r\n\r\n\r\n<p>These plans encourage compulsive saving, and if you don\u2019t the policy will lapse.<\/p>\r\n\r\n\r\n\r\n<p><strong>How Do We Calculate the Surrender Value?<\/strong><\/p>\r\n\r\n\r\n\r\n<p>After 2 years of paying a premium, the Surrender Value starts. In the initial years, the value is less and after the 2nd year, you can see it rising.<\/p>\r\n\r\n\r\n\r\n<p>You also have the option of taking a loan too, you can take a loan of 90% of the surrender value and continue the plan.<\/p>\r\n\r\n\r\n\r\n<p><strong>Is there Any Capping on Expenses in Endowment by IRDA?<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Yes, there is, it cannot exceed more than 15% of the premium paid, if Rs 1 lakh premium is paid, 15% of Rs 1 lakh will be the limit of your premium.<\/p>\r\n\r\n\r\n\r\n<p><strong>PS &#8211;<\/strong>\u00a0There is an option of paying a limited premium too. For instance, your product is a 20 years risk cover, the approximate timeline premium to be paid is only 6 years.<\/p>\r\n\r\n\r\n\r\n<p><strong>Pro Tip-\u00a0<\/strong>Whenever you buy Endowment insurance, the payment mode should always be annual, as otherwise you might just make losses as the return you get is less.<\/p>\r\n\r\n\r\n\r\n<p>For instance, if you pay a 100 Rs annual premium, monthly, then you will be paying 108, (8 Rs extra for a product that gives you only 4% interest) and quarterly &#8211; 106, half-yearly -104. So make sure the mode is always annually.<\/p>\r\n\r\n\r\n\r\n<p><strong>In an Endowment Plan When We Opt for a Premium Offset Option, Will the Sum Assured Be Impacted?<\/strong><\/p>\r\n\r\n\r\n\r\n<p>It will not have an effect on the Sum assured, usually this plan is offered by very few companies in India where the Sum assured is usually increasing.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_Endowment_Plan_is_Necessary\"><\/span>Which Endowment Plan is Necessary?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p><strong>A children&#8217;s endowment plan<\/strong><\/p>\r\n\r\n\r\n\r\n<ol class=\"wp-block-list\">\r\n<li>Premium weaver, if the father dies, the child will get a death cover and the future premium is waived off.<\/li>\r\n<li>Regular income is given for the child\u2019s livelihood.<\/li>\r\n<li>And when the child is 18 or 20, maturity money is given, it can also be given in installments.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n<p>Hence, A child endowment plan is necessary!<\/p>\r\n\r\n\r\n\r\n<p>Make your dreams come true with wealth creation and fulfill your responsibilities with insurance!<\/p>\r\n\r\n\r\n\r\n\r\n\r\n<p>Are you struggling with a missold policy or a claim rejection? Or Are you trying to revive a lapsed policy? Leave all your insurance-related issues to Insurance Samadhan. Our experts are here to help you through it all! Register here and we will be right there with you!<\/p>\r\n\r\n\r\n\r\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><strong>Click here<\/strong><\/a>\u00a0to register your complaint with Insurance Samadhan<\/p>\r\n<p>You can also<\/p>\r\n<p>Visit our website:\u00a0<a href=\"https:\/\/www.insurancesamadhan.com\/\">insurancesamadhan.com<\/a><\/p>\r\n<p>Call us on +91 9513631312<\/p>\r\n<p>WhatsApp:\u00a0<a href=\"https:\/\/api.whatsapp.com\/send?phone=+919910998252&amp;text=Hi\">\u00a09910998252<\/a><\/p>\r\n<p>Mail us at\u00a0<a href=\"mailto:corporate@insurancesamadhan.com\">corporate@insurancesamadhan.com<\/a><\/p>\r\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/stage.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Insurance Samadhan\" width=\"500\" height=\"70\" border=\"0\" \/><\/a><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>How Does Endowment Work? An endowment is a savings plan that creates a fund for a particular purpose. The purpose is usually a responsibility we have as adults. This could be your children\u2019s higher education, wedding, or retirement. An endowment&hellip; <a href=\"http:\/\/www.insurancesamadhan.com\/blog\/what-is-endowment-plan-and-their-benefits\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Endowment Policy and Key Benefits of Endowment Policy in India<\/title>\n<meta name=\"description\" content=\"Learn about endowment policies in India, their features, and key benefits, including savings, life coverage, and financial security for your future.\" \/>\n<meta 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