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SBI Life - Endowment Plan

Endowment plan is a combo plan that includes the benefits of life insurance as well as a savings plan.<br>https://www.sbilife.co.in/en/individual-life-insurance/traditional/shubh-nivesh<br>

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SBI Life - Endowment Plan

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  1. Endowment Plans 101 SBI Life India’s leading life insurance company

  2. What is an Endowment Plan? Endowment plan = Life Insurance + Savings Plan It is a combo plan that includes the benefits of life insurance as well as a savings plan. While giving life coverage (financial protection to your family), an endowment plan also allows the policyholder to build a corpus for the future.

  3. What Are the Features of Endowment Plan? • Policyholder receives sum assured on a fixed date in the future • Family receives the sum assured and bonus in case of the sudden death of the policyholder • Often used for retirement planning • Also used for meeting various financial goals like funding child's education or marriage, buying a house or taking a foreign holiday • Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

  4. Difference Between Endowment Plan and Term Insurance

  5. What Are the Types of Endowment Plan? • Endowment plan with option of whole life insurance • Endowment plan with in-built Accidental Death and Total Permanent Disability (AD&TPD) Benefit • Endowment plan with option of in-built premium waiver benefit • Endowment plan with option to receive regular income • Endowment plan with choice of single or regular premium payment

  6. What Are the Benefits of Endowment Plan? • Helps you save regularly over a specific time period • Flexibility to pay premiums monthly, quarterly, half-yearly, or yearly • Receive a lump sum amount when the policy matures • Financial security for the family in the event of the policyholder’s sudden death • Helps develop the habit of saving regularly • Tax benefits, with exemption on premium payments, maturity and final payouts • Lower risk than market-linked plans • Option to add riders

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