Endowment Insurance

More than just a policy, it's a promise. Embrace the journey of protection and prosperity, as each premium payment paves the way for a brighter future, securing your dreams with every contribution.

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1. About Endowment Insurance

Endowment insurance is a type of life insurance policy that provides both death benefits and a savings component. Unlike term life insurance, which only pays out a death benefit if the insured passes away during the policy term, endowment insurance guarantees a lump sum payout to the policyholder either upon maturity of the policy or in case of the insured's demise during the policy term. This dual-purpose nature makes endowment insurance a popular choice for individuals seeking financial protection and savings accumulation.

2. Eligibility Factors

  • Age: Typically, individuals must be at least 18 years old to purchase an endowment insurance policy. The maximum age limit varies among insurers and specific policy terms.

  • Citizenship: Endowment insurance is generally available to Indian citizens. Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) may also be eligible, depending on the insurer's terms.

  • Medical History: Applicants may need to undergo a medical examination to assess their health status. Insurers may consider pre-existing medical conditions during the underwriting process.

  • Financial Stability: Insurers may require applicants to meet certain income criteria or provide financial documents to ensure their ability to pay premiums

3. Premium Factors

  • Age: The age of the insured is a significant factor in determining the premium amount. Younger individuals typically pay lower premiums compared to older individuals.

  • Sum Assured: The sum assured, or coverage amount, chosen by the policyholder directly impacts the premium. Higher coverage amounts result in higher premiums.

  • Policy Term: The duration of the policy term also influences the premium. Longer policy terms may result in higher premiums due to increased risk exposure for the insurer.

  • Gender: Insurers may consider gender-based mortality rates when calculating premiums, with females often paying lower premiums compared to males for the same coverage.

4. Coverage

  • Death Benefit: Lump sum payment to beneficiaries in case of the insured's demise during the policy term
  • Maturity Benefit: Guaranteed payout to the policyholder upon policy maturity if the insured survives the term

5. Add on Covers

  • Critical Illness Cover: Provides additional financial protection in case of diagnosed critical illnesses, offering a lump sum payout to the insured for medical expenses and other needs.
  • Accidental Death Benefit: Offers an additional payout to beneficiaries if the insured's death is caused by an accident, providing enhanced financial security.

6. Exclusions

  • Suicide Clause: No benefit is payable if the insured commits suicide within a specified period after policy inception, typically within the first one or two years.
  • Misrepresentation: If the insured provides false information or conceals material facts at the time of policy application, the insurer may deny the claim.
  • War and Terrorism: Deaths resulting from acts of war, terrorism, or participation in hazardous activities may not be covered.

7. Types of Term Life Plan

  • Traditional Endowment Plan: Provides a fixed sum assured and maturity benefit, offering guaranteed returns over the policy term.
  • Unit-linked Endowment Plan: Combines endowment insurance with investment opportunities in market-linked funds, offering potential for higher returns but subject to market risks.
  • With-Profits Endowment Plan: Offers bonuses or dividends based on the insurer's financial performance, providing additional returns to policyholders.

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Questions You Might Have

How much life insurance coverage do I need?

The coverage amount depends on factors like your age, income, liabilities, future financial goals, and your family's needs. A general rule of thumb is to opt for coverage that's at least 10 times your annual income. However, it's best to consult with a financial advisor for a personalized assessment.

What factors should I consider when choosing a life insurance policy?

Evaluate factors like premium affordability, coverage duration, payout options (e.g., lump sum or installments), additional benefits or riders (e.g., critical illness coverage), claim settlement ratio, and the insurer's financial stability. Choose a policy that aligns with your needs and financial goals.

How can I assess the reliability of an insurance company?

Research the insurer's claim settlement ratio, which indicates the percentage of claims settled against the total received. Additionally, check the insurer's financial strength ratings from agencies like ICRA, CRISIL, or CARE. This ensures the insurer can honor its commitments over the long term.

What documents are required to purchase life insurance?

Typically, you'll need identity proof (e.g., Aadhaar card, passport), address proof (e.g., utility bills, rental agreement), income proof (e.g., salary slips, ITR), and recent passport-sized photographs. Additionally, fill out the proposal form accurately, providing all necessary information truthfully.