Endowment plus plan is a unit linked plan, which offers investment cum insurance cover during the policy term. This plan provides investment, savings and insurance that mean all in one plan. The policy is available for people aged between 7 years and 60 years for a policy term between 10 years and 20 years.
The plan offers a risk cover of up to 11 to 30 times of annualized premium or 1.25 times of single premium. The policy holder has the option to select any of four funds namely, bond fund, secured fund, balanced fund, growth fund.
Features of Endowment Plus
• Minimum risk cover is guaranteed.
• This plan has a facility for Loan after 3 years from commencement.
• Partial Withdrawal is possible after 5 years from commencement.
• Plan can be utilized on the life of a child, above the age of 7 years.
• It has 2 optional riders, which means extra protection.
• Flexible benefit combinations and payment options Additional benefit options such as a critical illness cover.
• In case of a death benefit, higher the sum assured and the policyholder’s fund value shall be payable.
Endowment plus plan not only offers financial stability for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. This plan provides insurance cover and maturity benefits.