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Pure Endowment Plans - Life insurance product, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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FAQs on Pure Endowment Plans - Life insurance product, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What is a pure endowment plan? |  |
Ans. A pure endowment plan is a type of life insurance product that provides a lump sum payout to the policyholder if they survive the policy term. Unlike traditional life insurance plans, which provide a death benefit, a pure endowment plan is designed to provide financial security for the policyholder during their lifetime.
| 2. How does a pure endowment plan work? | |
Ans. A pure endowment plan works by the policyholder paying regular premiums to the insurance company for a specified period, known as the policy term. If the policyholder survives the policy term, they receive a lump sum payout, which can be used for various purposes such as retirement planning, funding education, or meeting other financial goals. However, if the policyholder passes away during the policy term, there is usually no death benefit provided.
| 3. What are the advantages of a pure endowment plan? | |
Ans. Some advantages of a pure endowment plan include:
- Guaranteed payout: As long as the policyholder survives the policy term, they are guaranteed to receive the lump sum payout.
- Financial security: The lump sum payout can provide financial security and help achieve specific goals.
- Tax benefits: In many countries, the premiums paid towards a pure endowment plan may be eligible for tax deductions or exemptions.
- Flexibility: Policyholders can choose the policy term and premium payment frequency based on their financial situation and goals.
| 4. Can I surrender a pure endowment plan before the policy term ends? | |
Ans. Yes, it is usually possible to surrender a pure endowment plan before the policy term ends. However, surrendering the plan may result in a reduced payout or financial penalties, depending on the terms and conditions of the policy. It is advisable to carefully consider the implications of surrendering the plan and consult with the insurance company or a financial advisor before making a decision.
| 5. Can I borrow against a pure endowment plan? | |
Ans. It is generally not possible to borrow against a pure endowment plan. Unlike some other types of life insurance policies, pure endowment plans do not typically offer a loan or surrender value that can be used as collateral for borrowing purposes. The primary purpose of a pure endowment plan is to provide a lump sum payout upon survival of the policy term. If you require funds during the policy term, it is advisable to explore other borrowing options such as personal loans or lines of credit.
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Nov 22, 2024 Last updated |
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