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    Money might not buy happiness, but it can surely ensure financial security. Endowment plan, a type of life insurance plan is what you need to ensure your financial security and fulfil our non-negotiable life goals. We’ll explain it all, including endowment meaning, its types and the benefits you’ll get with it....Read More

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    Abhishek Chakravarti

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    Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

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    Sahil Rawal

    BFSI Expert

    Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

    What is an Endowment Plan?

    Endowment_Plan_1.jpg

    An endowment plan is a kind of life insurance product that comes with dual functions. First and foremost, as it is an insurance product, it offers the sum assured to the beneficiaries in the event of the untimely death of the policyholder (if the death occurs during the policy term). Secondly, as an endowment policy meaning also establishes it as a saving instrument, it can help generate a corpus through small regular investments that are paid out if the policyholder survives the policy duration.

    Types of Endowment Plans

    Now that the endowment meaning is clear, let’s discuss the certain types of endowment plans in India:

    Endowment_Plan_2.jpg

    1. Unit Linked Endowment Plan

    Unit Linked Endowment plan is suitable for individuals who are willing to take more risk by investing in market funds. If market-linked plans and endowment meaning is clear to you, you might have an idea about a unit-linked endowment plan. A unit-linked endowment plan works like a market-linked investment scheme, wherein a part of the premium is used to buy units of investment funds. Consequently, the returns and endowment fund value depend on the NAVs (Net Asset Value) of the endowment fund.

    2. Full-Profit Endowment Plan

    As endowment meaning is known, this type of full-profit endowment plan mitigates the risk of market returns by providing an assured sum on maturity or on the untimely death of the policyholder. In addition to a sum assured, the policyholder is also entitled to the bonuses that are paid out from time to time and can be redeemed upon maturity or in the event of the untimely death of the policyholder.

    As the name suggests, this type of endowment policy doesn’t offer bonuses and profits unlike the previous type of endowment policy. However, it does offer some guaranteed additions to the policyholder that can be redeemed on the maturity or the untimely death of the policyholder.

    3. Low-Cost Endowment Plan

    As the low-cost endowment meaning suggests, this type of plan is one of the most affordable endowment plans, given that it comes with a low premium. Yearly bonuses are also included in this.

    This type of endowment plan also allows withdrawal in emergencies. Furthermore, this can be used to fund loan payments.

    Benefits of Investing in an Endowment policy

    As the endowment meaning is two-fold, it has many advantages that the policyholder can benefit from. Here are some of the benefits of endowment policy:

    1. Financial Security for your Family

    Now that we know endowment meaning, we know that an endowment policy comes with the benefit of an endowment insurance instrument, ensuring that your family stays protected even in your absence. In certain types of endowment plans, not only a guaranteed sum is assured, but additional bonuses as well that can be redeemed upon the tragic demise of the policyholder.

    2. Helps Build Savings

    As the meaning of endowment plan suggests, we know that it is also a saving instrument that aids build a corpus against regular investments, coupled with the bonuses and guaranteed additions offered by some endowment plans.

    3. Flexibility to Decide Premium Frequency

    Even though the premium is decided in an endowment policy, the policyholder has the privilege to decide the premium payment frequency. Premium can be paid on a monthly, semi-annual, or annual basis. This benefit can allow a policyholder to spend according to their convenience and financial capability, Additionally, it can also help budget planning.

    4. Loan Option

    In some types of endowment plans, loan option is available against the policy. This is highly beneficial for individuals who wish to secure a loan, but not from a bank at a higher rate of interest.

    5. Maturity Benefits

    Some types of endowment plans do not only provide sum assured but also offer maturity benefits in form of additional bonuses, and guaranteed additions. These maturity benefits help increase the endowment fund value (endowment fund meaning = returns + accrued bonuses), helping individuals generate more wealth.

    6. Tax Benefits

    As an endowment policy meaning, we know it is a type of life insurance product, the premium paid against them is tax-deductible (up to INR 1,50,000)[2] under Section 80 C.

    Features of an Endowment Plan

    An endowment plan is an insurance plan with multiple features. Here are a few of them:

    Endowment_Plan_3.jpg

    1. Lump-Sum Payout

    Some types of endowment insurance plans offer a lump-sum payout. The lump-sum payout can include the sum assured, and guaranteed additions provided by various types of endowment plans.

    2. Option to Buy Riders

    With an endowment plan, policyholders can buy additional riders to maximize their benefits. Riders offer various benefits to the policyholder in return for a nominal extra premium. Every insurance company provides different type of riders. However, some of the most commonly found riders include critical illness, waiver of premiums, and accidental death riders.

    3. Survival Benefit and Death Benefit

    The pivotal characteristic of an endowment plan is that it provides both, survival benefit and death benefit. If the policyholder survives the policy term, they can get the maturity amount, and if they do not, the beneficiary gets the sum assured.

    4. Suits Both High and Low-Risk Appetite

    Whether you are someone who can afford to take more risks or someone who cannot, there are different types of endowment plans catering to every level of risk appetite, high or low. Unit linked endowment plan, for instance, is most suitable for individuals who have a high-risk appetite, while individuals with low-risk appetite can opt for the kind of endowment plan that mitigates market risks by providing a guaranteed sum.

    How Does an Endowment Policy Work?

    Like other types of life insurance policies, an endowment policy works through regular or limited premium payment. You can pay premiums regularly; a pre-decided sum assured will be paid to the nominee in the instance of the untimely death of the policyholder or the maturity amount is paid in case the policyholder stays alive. In addition to it, some types of endowment plans offer guaranteed additions and bonuses.

    The returns or the sum assured differ from policy to policy. For instance, if you choose a low-risk endowment plan, you get a guaranteed sum that depends on the premium. However, in other types of endowment plans, the policyholder gets additional profits and returns based on market conditions.

    Riders for Endowment Plans

    Riders are additional covers that can be bought on top of a basic insurance policy. The additional cover provides benefits that can help individuals save more by offering extensive coverage. Generally, these are a few riders that can be bought with an endowment plan.

    Endowment_Plan_4.jpg

    1. Critical Illness Rider

    Illnesses don’t come with a warning, all the reason why getting a critical illness cover can be highly beneficial if God forbid there’s a diagnosis. A critical illness rider provides a lump-sum payout to aid with the heavy medical costs of the treatment.

    2. Accidental Death Rider

    This type of rider provides an extra payout to the beneficiaries in case the policyholder suffers from a fatal accident – in addition to the death benefit the beneficiaries are already entitled to upon the untimely death of the policyholder

    3. Disability Rider

    Disability caused due to an illness or accident can cause significant losses, both emotional and financial. A disability rider can mitigate the financial loss by offering an extra payout if such a mishappening occurs.

    4. Waiver of Premium

    Death or critical illness can disrupt the premium payment following financial struggles caused by them. Waiver of premium rider, as the name suggests, waives off the future premium paying requirement if the policyholder is diagnosed from a critical illness, disability.

    5. Waiver of Premium

    Hospitalization can cause significant financial stress. A hospital cash benefit provides some relief by offering a daily cash allowance in an event of hospitalization.

    Note: Although these are the most common riders available, they still differ from insurer to insurer. In other words, not all insurance provides provide all the types of riders mentioned above.

    Who Should Buy Endowment Plans?

    Any earning individual who wishes to generate a corpus to support themselves and their family should buy an endowment plan. As the meaning of endowment is clear, an endowment plan is an insurance and savings instrument, the ultimate goal of providing financial protection to your family, be it in your presence or absence.

    Additionally, those individuals who are looking to save tax can also buy an endowment plan, as premiums paid on an insurance policy are tax-deductible (up to Rs 1,50,000).[2]

    Things to Know Before Buying an Endowment Plan

    Now that we have discussed endowment meaning, it has been well established that buying an endowment plan is highly recommended, it needs to be purchased carefully. Here are all the things you must know before you buy an endowment plan.

    Endowment_Plan_5.jpg

    1. Know Your Risk Appetite

    It’s imperative to understand endowment meaning and your risk appetite before you buy an endowment policy, as the type of endowment plan you buy should depend on your risk appetite. If you have a high-risk appetite, then a Unit-Linked Market endowment plan is highly suggested.

    2. Decide your Premium Payment Frequency

    An endowment plan gives you the liberty to choose your premium payment frequency. This means you can pay premiums annually, monthly, quarterly or semi-annually. This can be decided according to your budget, and convenience.

    3. Choose Suitable Riders

    Policyholders can yield extra benefits by buying riders on top of their basic insurance policy. Ergo, when you are buying an endowment plan, choose your riders wisely.

    For instance, a peek into the family medical history can determine if you should buy a critical illness rider, as critical illnesses can also be genetic. Additionally, an accidental death rider is also recommended if you commute through a vehicle on a regular basis.

    4. Know the Claim Settlement Ratio of the Insurer

    Choosing a reliable insurance company is the most important element on the checklist. You wouldn’t want to pick an insurer with a poor claim settlement ratio as it puts your investment at risk. A high claim settlement ratio points to the increased probability of your claims getting settled by the insurance company.

    Endowment Policy Taxation

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    By now we know the endowment meaning, the types, its features and benefits. That said, one of the many benefits of an endowment policy is that it is a tax saving instrument.

    Under Section 80C, insurance premiums paid against life insurance policies are tax-deductible up to the limit of INR 1,50,000. Additionally, the maturity amount or the sum assured is also free of taxes.

    By now we know the endowment meaning, the types, its features and benefits. That said, one of the many benefits of an endowment policy is that it is a tax saving instrument.

    Under Section 80C, insurance premiums paid against life insurance policies are tax-deductible up to the limit of INR 1,50,000. Additionally, the maturity amount or the sum assured is also free of taxes.

    What are the Documents Required?

    Here is a list of documents required to buy an endowment policy:

    • Photograph
    • Address Proof
    • Income Proof
    • Application form

    To Make a Maturity Claim

    • Endowment Policy Document
    • Discharge voucher

    To Make a Death Claim

    • Claim Form
    • Certificate of death
    • Endowment Policy document
    • Deeds of assignments/ re-assignments if any
    • Form of discharge executed and witnessed

    Frequently Asked Questions

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    Yes, it is highly recommended to buy an endowment plan at the earliest. It’s best to buy it when you are young to help you increase your wealth.

    Yes, insurance companies allow change of beneficiaries in an endowment policy. To do the same, you can contact your insurance company.

    As an endowment plan is a type of life insurance, there are certain situations where the insurance company can deny the claim. This includes deaths caused by suicide, self-injury, participation in adventure sports, drugs, riots and civil disturbances.

    Yes, as discussed while discussing “endowment” meaning, an endowment plan only offers a lump-sum payout. This can include the sum assured, or the fund value, along with guaranteed additions and bonuses if applicable). The bonuses include reversionary bonus, terminal bonus, and annual bonus.

    Yes, one can surrender their endowment policy and receive their surrender value. Surrender value is the amount the policyholder is entitled to if they surrender their policy. In addition, to surrender value, the policyholder is also entitled to the accrued bonuses (if applicable) if they exit the policy before maturity.

    The answer to what is an endowment fund is simple. It is a financial asset containing returns, assured sum, and accrued benefits. An endowment fund is paid out either on maturity or as a death benefit.

    ARN NO: PCP/EP/060223

    Sources:

    [1]www.policyholder.gov.in/HowToMakeaClaim_Life.aspx#


    [2]www.incometaxindia.gov.in/tutorials/20.%20tax%20benefits%20due%20to%20health%20insurance.pdf

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      Terms and conditions for availing 5% employee discount:

      <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

      1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

      9

      The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V05)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

      ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

      ARN - ARN/Web/01/21042021

      Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

      The premium shall be adjusted on the due date even if it has been received in advance.

      For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

      For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

      For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

      For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      ##

      Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

      #

      With “Save the date”, you can choose to take your annual income to any special date in a year.

      ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

      ~

      Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

      #~

      Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

      ~1

      Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      **

      Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

      *

      Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      7

      Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

      8

      Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V03). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 50 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 75 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 1.5 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 2 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 5 Cr.

      **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.