Describe features of endowment assurance

Endowment assurance policy is a fixed term life assurance policy in which provisions are made for premiums to pay for life cover and to save or invest. The policy pays out a sum of money (the sum assured) on the death of the policyholder or at the maturity date if the policyholder is alive till the term of completion. If an endowment policy is claimed prior to its maturity period, then the amount returnable to the policyholder will normally be below the value of the premiums paid up to cancellation.
The important features of the endowment assurance policy are: 

• Moderate premiums. 
• High bonus. 
• High liquidity. 
• Savings oriented. 
• Sum assured is payable to the policyholder either on survival to the term
  or on death occurring within the term. 
• Under this policy with Profit and a without Profit plans are available. 
• Bonus for the full term is payable to the policyholder on the date of
  maturity or in the occasion of death, whichever is earlier. 
• Premiums can be limited to smaller term or can be paid as single
  premium. 
• Premiums come to an end on expiry of term or on death whichever is
  earlier. 
• This policy provides provisions for the family of policyholder, in event of his death, and also assures an amount at a desired age. The amount can be reinvested, to provide an annuity during rest of his life or in any other way. Premiums are payable for specified number of years. Endowment assurance policy is affordable for people of all ages and social groups, who wish to protect their family members from a financial risk that might occur in future. If the policy holder becomes permanently disabled on account of an accident, before reaching the age of 70 and the policy is in full force, then it is not compulsory for him to pay the remaining premiums; and the policy will be unaffected.