Endowment plan is a life insurance policy which provides you with a combination of both an insurance cover as well as a savings plan.
It helps you save regularly over a specific period of time, so that you are able to get a lump sum amount on policy maturity, if the policyholder survives the policy term.
The policyholder gets his/her sum assured on a fixed date in future as per the policy terms and conditions. However, in case of sudden death of the policyholder, the insurance company will pay the sum assured (plus the bonus, if any) to the nominee of the policy.

Example:
Suppose a 30-year-old person purchases an endowment plan with a policy term of 20 years and a sum assured of 100,000. The premium for this policy would depend on various factors such as the person’s age, health, and the amount of coverage they require. Suppose the annual premium for this policy is 5,000.

If the policyholder survives the policy term of 20 years, they will receive the maturity benefit of 100,000. If the policyholder dies during the policy term, their beneficiaries will receive the death benefit of 100,000.