Endowment Insurance

There are people who are under the impression that there is only one type of life insurance. The answer is no. Endowment is another one. An Endownent insurance plan has two roles to play.

One is to provide insurance protection in the same way as a whole life or term policy does.

The second, is to offer a person i.e. policyholder a means of accumulating a tidy sum in cash savings.

For this type of plan, there is a time frame i.e. you can select a period of time e.g. 10, 15 or 20 years; or up to a certain age e.g 55, 60 or 65 years old.

So long as the life assured is alive during the term of the coverage, premiums are payable. The sum assured is payable to the assured when the policy matures or to the beneficiary [in the case of NTUC INCOME to the nominee] in the event of the life assured dying before the policy matures.

Please click here if you want to know more about Endowment Policy offered by NTUC INCOME.