Endowment Plan is a life insurance policy designed to pay a lump sum after a specific term. Or, on death of the insured person. Despite being one of the most popular insurance policies out there, Endowment Plans are terrible when it comes to actual returns, flexibility and surrender benefit.
THIS is the annual premium of LIC’s New Endowment Plan for a SUM ASSURED of Rs. 1 Crore, for a 35-year old male, for a Premium Payment Term of 30 years. It means, the nominee of the policy will get Rs. 1 crore + applicable BONUS on death of the insured person. Or the insured person will get Rs. 1 Crore + BONUS on maturity (that is after 30 years).
Now what’s wrong with this policy? Watch the next #OneShot to find out why.
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I hope you are learning a thing or two from my videos, screencasts, and podcasts. If so, do share my stuff with your friends and family on your social media channels!
Happy Investing/Trading! 🙂
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Mahesh Mohan
Agnostic, Apolitical, Bluephile, Brutally honest, Curious, Digital Creator, Finance geek, Marketing ninja, Microsoft fanatic, Multi-passionate nerd, Overthinker, Perfectionist, Workaholic.
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