Endowment Plan – A Complete Guide
Friends, today we will talk about the endowment plan. What is this plan and why is a 20-year policy often recommended?
Friends, if we talk about the endowment plan, then this is the most different plan of State Life. Its table is 03. As it is called in Urdu as Maladi Policy, the best feature of this plan is that you can choose the tenure as per your wish.
The maximum tenure is 10 years and the maximum tenure is up to 75 years, that is, when he will be 75 years old.
Understanding Bonuses and Profits
If we talk about the bonus, the profit of policies of 10 to 14 years is different, rather the limit is the same. Similarly, the profit of policies with a tenure of 15 to 19 years is the minimum, that is, the profit. Similarly, the profit of policies with a tenure of 20 years or more than 20 years is maximum in the endowment category. That is why people choose a 20-year policy.
Why a 20-Year Policy is Recommended
And we also suggest you 20 years in advance because you know that for different stages of life whether it is short term planning, mid term planning or long term planning, the expert of the State Life or insurance company does it on a long term basis. He goes up to 85 years which covers the entire life.
So our long term planning starts after 20 years and one of its objectives is to reduce the fear against the insurance policy. Premium
It was a big amount and thus, 20 years are included in his policy. The maximum profit on taking the policy is also a residence in the policy and then you can get a 20% loan on completion of the policy term.
How to Benefit from the Endowment Plan
Now let’s talk about how you can benefit from this plan. It is necessary to have a card and with it should be a correct proof of income. If you are working, then you have to plan the budget you have kept for savings according to your budget and accordingly you have to open the policy.
In this, you can decide according to your need, you can choose the term and accordingly you can make your future planning possible on maturity or maturity or God willing i.e. death. In both these cases you get benefits.
According to the schedule, your only responsibility is to pay the annual premium as per your wish. And whatever premium you pay from the first year, the same premium has to be paid on an annual basis, there is no change in it.
Loan Facility and Policy Maturity
Then in this policy, you also have a loan facility that in such a difficult situation, if you need money, you can take a loan against your policy. For example, you can also take a loan against your policy for 10 years or you can also cancel it. For this, your policy must be in force for at least 3 years.
So now we can talk about it, if you can save it. In the table there is ₹25,000, then the annual savings is Rs.25,000 and the tenure is 20 years, your contribution in total in 20 years will be Rs.500,000 and the amount received after 20 years will be Rs.20 lakhs.
Under this, your family will be naturalized during 20 years. Similarly, you can also check the value of the table in Rs.50, Rs.50, Rs.20 lakhs. Any amount you want to decide, it can also be decided as per your wish.
This table is being shown to you just for understanding and you can vary the premium a little as per your future as its return is not fixed yet as we are giving approximately 3.45 times of maturity, which means people took the policy in 2003 and in 2023.
If the policies are maturing, we will have to pay them at least twice, but as per the round figure, if you can quadruple it, then there is a very strong endowment plan under which your savings will start growing properly and if you can achieve the Mushtaq Bill goals in a good way.