The 5 Most Popular Endowment Plans In India
Updated On Apr 26, 2021
Table of Contents
Having an insurance plan is key to leading a stress-free life. It brings you relief by safeguarding your financial interests and provides protective cover against incidents that usually incur heavy costs. Among the many types of insurance plans available, endowment plans are one of the most popular.
Endowment plans provide a way for disciplined financial habits by letting policyholders invest and save up their earnings. The little that you save today, goes a long way into contributing to a financially stable future. However, it might get overwhelming to choose, with a huge number of options present. To get help, check out the 5 most popular endowment plans in India.
Must Read:- Reasons To Purchase An Endowment Plan
Top 5 Endowment Plans in India
To choose the best endowment plan for yourself, you must carefully weigh your needs, income and circumstances. Nevertheless, knowing about the top 5 endowment plans will help narrow down your choices.
|
Endowment Plan Name |
Minimum Entry Age |
Premium Flexibility |
Minimum Sum Assured |
Maximum Maturity Age |
|
Bajaj Allianz Endowment Policy |
1 year |
Monthly, quarterly, half-yearly, yearly |
1 Lakh INR |
75 years |
|
Future Generali Assure Plus |
3 years |
Monthly, quarterly, half-yearly, yearly |
1 Lakh INR |
70 years |
|
ICICI Pru Savings Suraksha |
0 years |
Monthly, half-yearly and yearly |
10 times the annual premium amount |
70 years |
|
LIC New Endowment Policy |
8 years |
Monthly, quarterly, half-yearly, yearly |
1 Lakh INR |
75 years |
|
Reliance Life Insurance Super Endowment Plan |
8 years |
Monthly, quarterly, half-yearly, yearly |
10,000 INR |
75 years |
Comparative Parameters for Endowment Plans
The above endowment plans have been compared on the basis of a few essential parameters with regards to endowment plans. Here is what they mean:
1. Minimum Entry Age
The minimum entry age for an endowment plan is the youngest you can be in order to purchase the plan. For most plans, the minimum age is quite low which ensures you can buy it for your children if you want.
2. Premium Flexibility
Endowment plans provide incredible flexibility to their policyholders in terms of premium payment. This helps them maintain the policy at their own comfort and ease. Most plans allow premium payments in monthly, quarterly, half-yearly, and yearly instalments although it might differ from plan to plan.
3. Minimum Sum Assured
The minimum sum assured under a particular endowment plan is the minimum guaranteed sum you will get on investing in the plan. It is usually 1 lakh INR for most plans.
Also Check:- Endowment Plans Vs. Term Insurance Plans
How Endowment Plans Help To Meet Your Financial Goals?
4. Maximum Maturity Age
The maximum maturity age indicates the maximum age till which the plan can be kept valid, by the policyholder. After this age, the endowment plan automatically matures regardless of its policy term.
