Endowment Life Insurance
Endowment life insurance is provided under an agreement to pay the sum assured if the insured is living at the end of the period of insurance, or a death benefit of the same amount if he dies within that same period.
Endowment insurance polices
- Endowment life insurance polices, are available for periods of different lengths. These usually are 5-10years, 15 years, 20years, 25 years and 30-year endowment and endowments at age 55, at age 60 and at age 65.
Endowment Classification
level term insurance
level term insurance Provides for payment of a benefit only if the insured dies within a specified period
Pure endowment
Provides for payment of a benefit only if the insured is alive at the end of the specified period.
Endowment Annuity
- In the most general terms, an annuity is a series of periodic payments.
- An endowment annuity policy is essentially a retirement income policy which incorporates life insurance protection during the period up to retirement age.
- Endowment annuity policy can be issued to a selected retirement age 55, 60 or 65 years.