This is a fixed term
policy. the premium has to be paid till the end of the term or
till death of the policy holder whichever is earlier. in case
the policy holder dies before the end of the policy term, the
sum assured plus the accumulated bonus is paid to the nominee.
If the policy holder survives till the end of the term, he gets
sum assured plus bonus.
Benefits:
The endowment policy fulfills many of the long term
and many short term financial needs of a person. The short term
needs may be , to provide for family expenses in case of early
death of the person or to take care of any un-forseen expenses
(this is possible by raising a loan on policy after the policy
has run for 3 years). The long term needs may be to provide for
education of dependent children, their marriage, or for old age
provision for self / spouse.
Income Tax Benefit
Available upto 20% of Premium Paid
