Endowment Insurance is designed to offer a payout to the policy’s beneficiaries when the insured passes away, or to the insured themselves at the end of a set time period. Premiums will be allocated to buy life insurance and some to return the insured’s premium. Since it has dual benefits, the premium paid is also greater than ordinary life insurance.

Endowment Insurance allows the insured’s money to grow over the contract term, which may be appealing if you are looking for an insurance policy that offers built-in, planned savings, such as education funds, marriage, and others.