Death Benefit
The death benefit is payable to the insured’s beneficiary, if he or she dies during the policy tenure. Death benefit is the total of sum assured, guaranteed additions and bonuses (if any).
Maturity Benefit
This benefit is payable to the policyholder if the term of policy comes to an end. This is a guaranteed benefit which is payable as the total of sum assured, guaranteed additions and if any bonuses added in the plan.
Tax Benefit
The policyholder of an endowment plan enjoys the taxation benefits. The premiums paid for the policy are allowed as a deduction from the taxable income of the policyholder. One can also claim a deduction of up to INR 1.5 lakh on the premiums that have been already paid. Even the plan benefits, maturity or death benefit payouts, are tax-free under Section 10 (10D).
Loan Benefit
The policyholder can also avail the benefit of policy loan which is generally up to 80% of the surrender value of the plan. The policy loans available under the endowment plans help to meet immediate financial needs at lower interest rates.
Loyalty Additions
Certain plans which give bonuses to the policyholder, if it is declared by the insurance company. There might be other kinds of additions which have been added to the plan benefits such as regular income payouts or guaranteed additions.
Best Endowment Insurance Policies In August 2022 – Forbes Advisor INDIA & Latest News Update
Best Endowment Insurance Policies In August 2022 – Forbes Advisor INDIA & More Live News
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Best Endowment Insurance Policies In August 2022 – Forbes Advisor INDIA & More News Today
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