Endowment insurance is a type of life insurance policy that not only provides coverage in case of death but also offers a savings or investment component. This means that as you pay monthly premiums over a certain period, a portion of the money is invested and grows over time, building up a cash value. When the policy matures, usually after a specific number of years, you receive the accumulated savings as a lump sum payment. It combines the benefits of insurance protection and an investment plan to help secure your financial future.
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