Endowment Policy
An endowment policy is a financial instrument that serves as a dual-purpose tool, offering life insurance protection while also acting as a savings or investment vehicle. Policyholders pay premiums into the policy over a specified period, and upon the policy's maturity or the death of the insured, whichever comes first, the policy pays out a lump sum amount. This payout can be used to provide financial security to beneficiaries in the event of the insured's death or as a source of savings or investment proceeds if the policy reaches maturity.
