An endowment policy with no insurance content i.e. pays out a value only on maturity of the policy and provides no protection cover.
An amount payable only to those people who survive for a certain period of time; those who do not survive that period of time receive nothing. Unless they are combined with some form of life insurance, pure endowments are generally illegal.
A pure endowment is a policy that only pays out a benefit at the end of a specified term. It can therefore also be called a savings policy. Should the policyholder die during this term the policy will only pay out the accrued value up to that point in time.
A contract providing for payment only upon survival of a certain person to a certain date and not in event of that person's prior death. This type of contract is just the opposite of a term contract, which provides for payment only in event that a certain person dies within the term period specified.
An endowment payable if the designated person is alive at the end of the endowment period but not payable if the person is not alive at that time. This type of policy is not often used today.
A life assurance for a term of years providing for a sum of money to be paid only if the life assured survives to the end of the term. The premiums paid may or may not be returned in the event of earlier death, according to the terms of the contract.
