This is most popular saving product in which sum assured is payable either on death during the term or at maturity i.e. at the end of the term. The compounding bonus is declared every year and is added to sum assured. Bonus is non-guaranteed and depends upon profitability of insurance co. The policyholder has to select term while taking the policy itself.

Endowment plan is a combination of term plan and saving plan. These plans are also available with limited premium payment term where by you can reduce your premium paying term. Premium in such plans are much higher than term plan. Endowments are considerably more expensive (in terms of annual premiums) than either whole life or term plans. Endowment policies are extremely popular. And we have all of them here.