Here's how taking an endowment plan could help you

 


An endowment plan is an insurance product that combines life insurance, savings, and a bit of investment too. The insured individual receives a lump sum payout when the plan matures. In addition, there is death coverage included – theplan’s nominee will receive a death benefit payout if the insured individual passes away while the plan is still active.

If you opt for a participating endowment plan, you stand to receive a payout with a guaranteed component and a non-guaranteed part as well. The non-guaranteed part depends on the performance of the funds your premiums have been invested in. An endowment plan has the potential to give you much higher returns than a bank savings account.

You can either opt for a long or short term endowment plan depending on your goals. Endowment plans in Singapore can have premium payment terms that last anywhere from 5 to 30 years. The policy period itself can last anywhere from 10 to 30 years. In this article, we will take a closer look at some financial goals an endowment plan can help you with...


READ MORE : Here's how taking an endowment plan could help you.


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