Endowment policy 


An endowment policy is a type of life insurance policy that combines a savings or investment component with a life insurance component. It is designed to provide a lump sum payout either upon the policyholder's death or at a specified maturity date. This can be used as a savings vehicle or to provide financial security to beneficiaries. Endowment policies typically have higher premiums compared to term life insurance because they include an investment component. The policy's cash value may grow over time, and the policyholder can often access or borrow against this cash value. Keep in mind that the specifics of endowment policies can vary, so it's important to review the terms and conditions of a particular policy before purchasing.