Since it is a pure death benefit plan, the insurance company pays sum assured to your nominee, only in the event of death. (coverfox.com)
An endowment plan offers the insurance benefit by providing the life cover or sum assured to the nominee in the event of the death of the life insured during the policy term. (comparepolicy.com)
In case, the life assured passes away during the policy period, the insurance company pays the effective sum assured to the nominee as per the payout opted by the policyholder. (coverfox.com)