Protecting Your Child’s Higher Education Goal
Taking care of your child’s education is one of the biggest goals to achieve. You would not want to leave anything to chance when it comes to your child. With the help of an endowment plan, you can ensure that your child completes their higher education even if you are not there for them.
If while buying the policy, you choose the premium protection option, the following will happen after your death within the course of the plan:
- The sum assured is provided to the family immediately after the death
- The life insurer will pay the remaining premiums, and your family will get the maturity benefit as per the normal maturity
Safeguard Your Dependent’s Future:
An endowment plan builds up your habit of saving. You keep saving an amount for some time. This amount can be used to meet the future needs of your dependents.
For example, you have to secure funds for your daughter’s marriage. You set up an endowment plan and invest in it for a period, say 10 years. When the policy matures, you will get the guaranteed maturity benefit that too with additional bonuses applicable as per the terms of your policy.
An endowment plan can also help in the achievement of other major goals of yours, as well as others dependent on you. Let’s take a scenario. You are now married and have children, the next goal you want to achieve is to buy a house 15-20 years from now to enjoy your retirement. With an endowment policy, you can invest small amounts, which will give you a large corpus after 20 years. Use this amount to buy a house without putting much pressure on your finances.
Also Read - Best Saving Plans
