Endowment policies

Endowment policies

It is a savings plan in which you pay a monthly premium for a specified period of time, at the end of which you are paid out a lump sum. It is designed to pay you during your lifetime rather than your beneficiaries after your death.

You can also invest a lump sum in a single premium endowment policy. The life insurance portion comes into effect if you die before the policy is due to be paid out.