Endowment Insurance products pay a level sum assured and accrued bonuses to the beneficiary if the insured’s death occurs during the policy term and, additionally, pays the same benefits if the insured survives the policy term. Alliance offers the following endowment
Unlike most savings and protection Plans, an insured does not have to wait until final maturity to receive the sum assured. Instead, an insured benefits from a three phase maturity plan whilst enjoying the security of full insurance cover. The insurance cover remains 100% throughout the policy term regardless of the installments already encased.
The plan provides protection to the child by way of providing benefits at maturity on survival of both the child and the payer/parent. On death of the payer within the term of the policy, four times the basic sum assured is payable. On child’s death within the term of the policy, full or sliding scale of sum assured is payable depending upon the age of the child at death. This plan provides for the financial needs of the child by offering maturity at different ages to suit the child..
This plan is designed to assist the parents in providing for their children’s basic education needs. The benefits are such that if both the child and the payer survive to the end of the policy term, sum assured along with accrued bonuses is payable. Under this plan, the premium is waived and a regular stream of income is provided to the child if the payer/ parent die within the term of the policy. On maturity, full sum assured along with the bonuses is payable to the child. If child is within the policy term, death benefit on a sliding scale and accrued bonuses are paid and the policy terminates.
The plan provides maturity benefits in four installments over the term of the policy. It is ideal for purchase of first or second home, for children’s marriage, children’s education, any venture requiring sizable capital, etc. Tis plan maintains 100% life cover even as installments are paid.
The plan provides a saving vehicle for higher education needs. The benefits are such that if both the child and the payer survive to the end of the premium payment term, the basic sum assured is payable to the payer in four equal installments. The premium payment term is shorter than the plan term, in case of death of the payer during the premium payment term, the policy remains inforce with full benefits and future premiums are waived. In case of death of the child during the premium payment term, sliding scales of benefits plus accrued bonuses are paid. The child is also covered even during the installment payment period. In case of death during such a period full sum assured and accrued bonuses are paid irrespective of the number of installments paid till that time.