An endowment plan is a type of life insurance policy that offers the dual benefit of life insurance and savings under a single plan. The insurance coverage offered under the plan allows the policyholder to protect their families from unforeseen circumstances. However, it has more to it than typical life insurance. When your endowment plan matures, you receive a sum assured. This allows you to build a sufficient corpus that enables you to take care of your milestones like children’s education, buying a house, or creating a retirement corpus. The dual benefits of life insurance and savings in a single plan allow the policyholder to have a financial backup for their loved ones in their absence and have funds to access their goals. It is important that before you buy an endowment plan; you know how to buy it and how to track it.
Documents needed for buying an endowment plan
You only require basic documents for purchasing an endowment plan. They are:
- Official identification document depicting the age of an individual
- Fully filled application form/proposal form
- Address proof/ proof of residence
Steps for buying an endowment plan online
You can buy an endowment plan via online mode or offline. Most individuals prefer to buy online since online endowment insurance plans are more affordable and easier to access. You can use tools like a life insurance calculator to get an estimate of the premium you have to pay for getting your desired sum. Here is how you go about buying one online:
- Visit the website of the insurance provider and check out the endowment plans offered.
- Select the policy that you wish to purchase.
- Provide your details like name, gender, date of birth, phone number, and pin code. Insurance providers use this information to generate a quote.
- Once you get the quote, you simply have to make the payment online.
- After you have paid for your endowment plan, you are required to fill out the proposal form. At this stage, you are required to submit documents concerning your age proof, residential proof, and photographs.
- You can simply submit the documents online and wait for the insurance company to verify them. Once your documents are verified, the insurance company will issue your policy.
Tracking your endowment plan
Most insurance companies provide several ways in which their customers, i.e. the policyholders, can track their endowment plans. They also allow policyholders to make payments online and even update any information regarding their policy. Since an endowment plan is a savings instrument and life insurance product, it is necessary that you check your policy periodically and update it whenever required. There are several ways you can go about checking the information of your policy.
Here are some of the common ones that most insurance providers offer:
If you have registered online on the website of your insurance provider, it is a matter of minutes to track your endowment insurance plan and check the details on it. You simply have to register or log in if you have already registered and you will find all the information you need regarding your policy. Most portals also allow policyholders to pay premiums through the website directly.
Contact the customer care
Every insurance provider has a customer care service hired to cater to the needs of their policyholders. If you want the details of your policy, you can simply make a call to your insurance company. Once you give them the policy number and the required credentials, the customer care provider will offer you the details that you need.
Visit the nearest branch
If you find it difficult to navigate through the online portals or via phone, you can simply visit the nearest branch. You can provide your policy number to the employee of the branch and ask them for the details you require. You can also change any details of your policy at the branch with the help of the employee there.
Ensure that you check on your installment dates and pay your premiums on time to yield the benefits that an endowment insurance plan offers. You can check your policy in any of the above ways that you find comfortable and track it easily.