Being a type of life insurance plan, an endowment policy does offer a life cover. That is, it includes a death benefit. This death benefit will be paid to your beneficiaries in the event of your death during the term of your endowment plan. The death benefit is the sum assured that you decide at the time of purchasing the policy. However, it can be the following if the amount is higher: i. 105% of Total Premiums Paid as on date of death, or ii. Guaranteed Sum Assured on Maturity. iii. 11 times the annualised premium