From Longman Dictionary of Contemporary Englishendowment policyenˈdowment ˌpolicy noun [countable] British English technicalBFI an insurance arrangement that pays you a sum of money after an agreed period of time
Examples from the Corpus
endowment policy• Popular options are repayment linked to either an endowment policy or a pension plan.• This may, for instance, be in the form of an endowment policy or a mortgage payment protection plan.• The other method is to take out an endowment policy in both names.• So this week we highlight the key elements of a typical mortgage endowment policy statement.• By comparison, an Equitable Life 10-year endowment policy, with monthly premiums of £30, would have produced about £8,399.From Longman Business Dictionaryendowment policyenˈdowment ˌpolicy [countable]INSURANCE an insurance policy where in return for a series of regular payments by the insured person, the insurer pays out a sum of money at the end of a specific period of time or when the insured person dies, if soonerHe took out an endowment policy ten years ago to mature when he reached the age of sixty. → policy 