What is the primary benefit of endowment insurance?

The primary benefit of endowment insurance lies in its unique feature of providing a payout either upon the maturity of the policy or upon the insured's death before the maturity date. This dual benefit makes endowment insurance particularly appealing for individuals seeking both a life insurance component and a savings or investment component.

By offering the insured the assurance that they will receive a lump sum at a predetermined time, if they survive to that point, or to their beneficiaries in the event of an untimely death, endowment policies serve the dual purpose of financial security and saving for future goals. This characteristic effectively combines life insurance with a savings plan, ensuring that either the insured or their beneficiaries will gain financial benefits regardless of the circumstances.