Simultaneously, it encourages long-term savings by accumulatingĪ corpus for the policyholder's future financial needs, such as retirement, children's education, or Policy provides life cover, ensuring financial security for the dependents in case of the In essence, an endowment policy combines the features of both life insurance and savings. The policy may also offer bonuses or guaranteed #Īdditions, which are added to the maturity benefit or death benefit. Invested by the insurer to generate returns. The policyholder pays regular, limited, or single premiums, which are Policyholder's demise during the policy term or as a maturity benefit if the policyholder survives ABSLI Pradhan Mantri Jeevan Jyoti Bima YojanaĪBSLI Group Bima Yojana Plan (Micro Insurance)Īn endowment policy works by offering a guaranteed# sum assured payable either upon the
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