Explore the key differences between endowment plans and ILPs, so you can make an informed choice when choosing between the two
While both types of plans are suitable for achieving long-term financial goals, there are distinct differences in how endowments and ILPs work.
Non-participating policy, which furnishes a guaranteed return only, but does not entitle the policyholder to bonuses or dividends. When an endowment ends its tenure, the policy matures and pays out the accumulated cash value. This comprises the guaranteed cash value and any non-guaranteed returns, provided you’re entitled to them. The policy then terminates and ceases to provide insurance coverage.
This structure allows ILPs to have certain unique features, such as premium holidays and the ability to make a partial withdrawal . As such, ILPs are often marketed as a highly flexible solution.
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