What Is The Difference Between 'Whole Of Life' Asssurance And An Endowment Policy?


2 Answers

rahul singh Profile
rahul singh answered
Whole life policy means it covers till the end of your life. In whole of life assurance there are several kinds of polices like limited wlp, convertible wlp etc.

Endowment policy means it covers the risk of your property,furniture,assets etc. In endowment policy also there are several kinds like, joint life policy, convertible etc
Anil Kumar Profile
Anil Kumar answered

Whole life insurance plans are designed to protect the policyholder for life. That meant whenever they pass away, the insurance provider will help with a lumpsum amount to the loved ones of the policyholder to take care of pending debts, funeral expenses, college fees and other essential expenses.
An endowment policy is a bit different than the whole life plan. These plans provide an accumulated amount to the policyholder on the maturity for a maximum period of fifteen years. Also, they help with a death benefit if the policyholder passes away while the policy is active.

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