Word forms: (plural) endowment policies
( Insurance : Life insurance )
An endowment policy is designed to provide a lump sum on maturity.
An endowment policy will pay you a fixed amount on a set date or if you die before that date; in other
words it's both a way of saving and a life insurance policy.
An endowment policy is an insurance policy that provides life coverage, but that pays a sum of money
if the policyholder is still alive after an agreed period of time.
Collins English Dictionary. Copyright © HarperCollins Publishers