| Endowment policy |
Whole life policy |
- Premiums are paid for a fixed period of time.
- Sum assured paid after expiry of the fixed period.
- The insured can decide maturity.
- Acts as a saving for insured or his dependant.
- Premiums paid are higher than those paid for whole life policy.
- Can be used as collateral security for a loan
- Beneficiaries can earn it as a regular income
- The surrender value is higher.
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- Premiums are paid throughout the life of the insured.
- Sum assured paid after the death of the insured.
- Maturity is determined by death can only benefit the dependants.
- Premiums paid are lower.
- Its not accepted as security for a loan
- The compensation is paid once.
- Indemnity (surrender value ) is low.
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