Definitions for "Pure Endowment"
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.