An endowment plan is a life insurance policy that provides life coverage along with an opportunity to save regularly over a specific period so that the insured can receive a lump-sum amount on the maturity of the policy. One can use this maturity benefit to fulfil various financial needs like funding your children’s education, saving for retirement, buying a house, children’s marriage etc.
The endowment plan not only provides maturity benefit, but in case of eventuality, the beneficiary of the policy also receives the full sum assured amount. Thus, we can describe endowment plan as an insurance plan that allows you to save and offers a lump-sum maturity benefit.
One of the major reasons why one should buy an endowment plan in Dubai, Abu Dhabi, Sharjah, Ajman, Umm Al-Quwain, Fujairah & Ras Al Khaimah, UAE is that it provides an opportunity to save money in a disciplined way to fulfil the future financial needs. Moreover, an advantage to this plan is that the insured person also gets life coverage along with an opportunity to build a corpus for a financially secured future. Under endowment policy, the policyholder can also avail tax benefits on the returns. These features make endowment plan more preferable for risk-averse investors as it also provides maturity benefit apart from death benefit offered to the nominee of the policy in case of an eventuality.
There are various types of endowment policies available in the market today; both guaranteed and unit linked. At Platinum, we are happy to advice on the best endowment plan to meet your needs. We can suggest risk-free solutions that promise a guaranteed return on a guaranteed date. We consider factors like income, an individual’s needs, current life stage, and risk appetite while recommending the plan.
Deciding on the life insurance policy that is right for you can be a daunting task.
At Platinum, our specialist life insurance experts are happy to talk you through a wide range of options, including whole life insurance.
We will help you unravel the complexity of the insurance world and find the right life insurance solution, tailored for your specific needs.
For help with choosing the right endowment plan in Dubai, UAE, get in touch today.
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