Endowment plans are life insurance policies that achieve two objectives. Endowment insurance allows for the establishment of a risk-free savings account while also providing the family with financial stability in the case of any unforeseen situations. The simplicity of an endowment plan makes it a successful savings method for everyone. Endowment insurance plans serve as a protection shield for the policyholder's and their family's finances.

A life insurance plan, thus, proves to be of great help to the family in the case that the main breadwinner goes away unexpectedly. Although there is a chance of lower returns, there is normally little danger. The best part is that individuals may potentially qualify for tax benefits under specific conditions.

What Is An Endowment Plan?

The advantages of insurance cover and accumulation are offered by a type of life insurance policy known as an endowment policy. In order to obtain a lump sum payment when the policy matures, endowment plans help the insured save regularly over a certain length of time. The maturity amount is paid if the insured lives through the whole policy term.

The recipient of the insurance will, however, be compensated the amount guaranteed as a death benefit, in addition to any bonuses, in the dreadful event that the insured passes away while the policy is still in force. In order to achieve both short-term and long-term financial goals, endowment plans also help to provide a financial cushion for the future.

List of Endowment Plans WIth Highest Return 

The Endowment plans that offer the highest returns are as follows- 

• Sampoorn Samridhi Plus Plan from HDFC Life

This HDFC endowment plan permits an amount insured of at least Rs. 65,463. The age limit for coverage up to which the policyholder is assured is 100. There are fewer premiums needed. The plan's advantages are increased with the aid of guaranteed additions and bonus declarations. The plan includes an accidental rider benefit.

• Super Life Assure by Bajaj Allianz Life

Bajaj's endowment plan permits an assured payment of Rs. 50000 and offers two different coverage options and bonuses that contribute to raising the benefit payable. After the insured's passing, one variation offers monthly payments. There are available optional riders that increase the coverage.

• HDFC Life Sanchay

This HDFC endowment plan permits an amount guaranteed of up to Rs. 100,703.

This plan contains a restricted premium endowment strategy and throughout the duration of the plan, guaranteed additions are promised. The policyholder can get 180% to 325% of the amount guaranteed when it matures.

• New Shri Life by Shriram Life Insurance

The life insurance plan by Shriram contains various features which make it popular for investing. The best features include reversion incentives and life insurance, discounted premium option payment in advance, riders offering additional security, a guaranteed minimum amount of Rs. 50,000, and also the premiums can be paid on a monthly, quarterly, half-yearly, or annual basis.

• The New Jeevan Anand of LIC

This LIC endowment plan enables an amount guaranteed of up to Rs 1 lakh. A death benefit equal to at least 125 percent of the sum guaranteed is paid. Under the scheme, bonuses are announced, riders for accidental benefits are offered and attractive premium discounts are also available.

• ICICI Pru Savings Suraksha

This ICICI endowment plan permits an amount guaranteed of up to Rs. 1.2 lakh. The advantages of the plan are added by both guaranteed additions and bonuses. The maturity advantage is confirmed and loans for policies are also offered.

Conclusion

Endowment plans are favoured by risk-averse investors for a plethora of reasons. Endowment plans cover the needs of the family financially through unforeseen events as well as paying the maturity amount to the insured individual in the event that they outlive the policy's lifetime. Therefore, endowment programmes are the finest strategy to save money and funds for any future financial demands. 

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