Endowment (Life insurance)

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Endowment Insurance is one type of permanent life insurance. It is designed to pay out the death benefit when the insured dies during the term of the policy or survives at the end of the policy term. It combines insurance protection with a savings plan for the policy-owner. Endowment Policy usually has a fixed maturity date. Typical maturities are ten, fifteen, twenty years up to a certain age limit.