Definitions for "Endowment Assurance"
An assurance policy that pays a specified amount of money on an agreed date or the death of the person assured, whichever is the earlier.
A medium to long term life assurance/savings contract, incorporating an investment element and a protection element. The policy will pay out on surrender, maturity or death. See ‘Maximum Investment Plan'.
A policy combining life assurance and investment under which the sum assured is paid at a pre-agreed date, or on the death of the policyholder if earlier. A common use for this type of policy is the repayment of a mortgage loan.