As the name suggests, Endowment Assurance Policy acts as an assurance to the policyholder and his/her family irrespective of whether the policyholder passes away early or lives longer.
If the policyholder passes away early, his family has an assured financial benefits. But even if the policyholder lives longer, he/she is assured an accumulated financial benefits with Bonus.
Sum Assured plus bonus on maturity
Sum Assured plus bonus upon death