Endowment: Premium

Get Premium of Endowment Insurance policies offered by all life insuance companies and secure your family's future.

What does my family receive when I die within the term of my life insurance policy?

Death benefits depend on the type of policy purchased by the insured. Go through the various types of life insurance policies to understand the death and survival benefits associated with each kind.

If the insured's death takes place during the term of the life insurance policy, the nominee receives the sum assured under the insured's life insurance policy. Depending on the type of policy, the nominee will also be entitled to bonus/profit/guaranteed additions if any.

If the insured's death takes place due to an accident and the insured had the accident death benefit rider on the policy, the nominee is eligible to receive double the sum assured. An additional term rider on the insured's policy also makes the nominee eligible to receive double the sum assured on the insured's death.

If death takes place after the period of the policy, i.e. the policy has matured, the nominee does not receive anything from the insurance company, unless specifically mentioned in the policy. Certain policies offer to cover the insured for the sum assured or a part of the sum assured, even after the policy has matured.

Basically, the nominee is eligible only for death benefit. Survival benefit, if any, is for the insured.

Survival Benefits for Different Insurance Plans

Survival benefits, also called maturity benefits depend totally on the type of life insurance policy purchased.

Term Plans: The insured will receive no benefits on surviving the term of the policy.

Return of Premium Term Plans: The insured receives the value of the premiums paid for the entire term of the policy.

Whole Life Plans: These plans typically offer no survival benefits, since there is no definitive term to the policy. However, the insured can make withdrawals or take loans against the cash value (the profit or bonus earned) of the policy. Some policies provide survival benefits if the insured lives up to the age of 80. Upon maturity of such policies, the insured receives the sum assured plus the bonus for the term of the policy.

Endowment Policy with Profit or Unit Linked Endowment Plans: In these plans, the insured receives the sum assured plus bonus/profit/guaranteed additions, if any. Unit linked endowment plans pay out the sum assured plus the value of the investments accrued over the course of the policy term.