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How endowment plans help you in wealth maximization?

By archana singh

Endowment Policy

You need to be very careful with regards to handling your money during your earning phase. It is well known that regular savings can bring lots of benefits in the long run. There are many ways in which you can invest your money and buying insurance is also one of them. You will be surprised to know that endowment plans offer the double benefits of having insurance coverage along with investment option in a single plan. In this way, you need not have to worry about missing out on insurance when you are planning your investment in the financial market. In this plan, the policy holder needs to pay money for the tenure mentioned in the policy and the benefits will be passed on after the maturity of the policy. There is no need to worry about the safety of the investment as they are managed efficiently by professionals in the industry. Apart from that, you can also rest assured that your family will be safe even during your absence as the policy offers death benefits if the policy holder does not survive the maturity period of the policy.

How is it different from the regular investment plans?

In the normal case, you will not have any life cover when you invest your money in the market. In the same way, even when you keep your money safely in the bank, you will not get protection for your life as the money will not grow at a rapid pace and you need to buy insurance separately to get protection for your life. However, by choosing the endowment policy available in the market, you will be able to get multiple benefits in one policy. There is no need to buy separate insurance plan when you get the best endowment policy as this will give the adequate coverage for your life and also take care of your investment. You can choose the tenure as per your convenience and pay the premium only for that duration. It is also possible to choose the plan that has the maturity period as per your convenience so that you can plan for your future expenses with regular savings.

Who can choose this plan?

This is the best plan for working professionals as they can get to save money regularly through this plan. In the same manner, it offers life coverage and this will be the added benefit of choosing endowment plans. You can grow your investment in a secured manner using this plan and the returns you get from this plan will be very attractive. You need not park your money in the bank anymore as the returns you get will be very less in that plan. On the other hand, when you choose insurance coverage by way of investing in endowment policy, you can even save money that is usually spent on buying only an insurance plan.

Why should you choose this plan?

Gives guaranteed sum assured returns

It provides guaranteed sum assured at the end of the maturity period. In this way, you can plan your savings appropriately and accumulate the required amount of money for your future needs. These options are usually not available in other plans as you will not get the combined benefits of insurance along with investment. The endowment plans also help you to choose the sum assured amount along with the tenure of the policy according to your requirements. This is a good option for salaried employees and businessmen to plan their investment and they can save money regularly for their future needs.

Provides life cover

This is the biggest advantage of choosing endowment plans and you can rest assured that your family will be protected even if something happens to you in future. Apart from that, some of the plans available in the market may even offer disability benefits and this will be very beneficial when the policy holder meets with an accident. Make sure that you choose the suitable plan that offers adequate life cover so that you need not have to spend additional money to buy a regular insurance plan. Whatever money you have invested in the policy will come back to you with additional returns and you will also be covered for your life throughout the tenure of the policy.

Provides tax benefits

Apart from developing the habit of saving regularly, the endowment plans also benefit the consumers by way of offering tax benefits. By choosing the suitable options for your savings, you will be able to get tax benefits for the investments made on such plans. This is a good option to save money and get insurance cover in a single policy. You can claim tax benefits by providing the details of your investment in these plans.

Very good savings instrument

When it comes to choosing the best plans for savings, you should always consider the safety of your investment in the first place. In this regard, you need not worry about anything as the endowment policy offers guaranteed sum assured returns after the maturity of the plan. You will be able to safeguard your investment completely in this manner and there is no market risk involved when you choose such plans.

Bonus accumulation over time

Apart from the sum assured value that is mentioned in the policy document, you can even get bonus from the endowment policy. Many plans offer such benefits and you can choose them for your savings and investment needs. Always get in touch with a professional insurance advisor when you want to invest in such plans as they can guide you to select the best option suited for your individual needs.

You will notice that your savings can get multiplied when you choose such endowment policy for your investment needs. You get guaranteed returns along with bonus that gets accumulated to the sum assured value of the policy. As investors get to save taxes by choosing such plans, the investment can grow to a huge value in future. You can handle your future expenses easily when you choose such plans for your investment.

 

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