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Endowment insurance is good way of both saving money and alleviating the money problems of the family after the loss of the provider of the family.
Over of a long period of time you collect money which will be paid out to you after the agreed date has arrived. The sum insured will also be paid out if the insured person dies during the collection period. In that case the successor(s) or the beneficiary (beneficiaries) will receive the total sum insured, regardless of how much money you have paid up. The payable amount and the profit are not taxable.
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