A more thorough explanation:

Endowment insurance is a type of insurance that is similar to life insurance. The main difference is that the money or "endowment" is paid out to the holder or beneficiary at a specific date, rather than at the owner's death. This means that the owner pays monthly installments with the expectation of receiving a certain amount of money at a later date.

One example of endowment insurance is a college savings plan. Parents may choose to purchase an endowment insurance policy to ensure that they have enough money to pay for their child's college education. The policy will pay out a certain amount of money at a specific date, which can be used to pay for tuition, books, and other college expenses.

Another example of endowment insurance is a retirement savings plan. Some people choose to purchase an endowment insurance policy as a way to save for retirement. The policy will pay out a certain amount of money at a specific date, which can be used to supplement their retirement income.

Overall, endowment insurance is a way to save money for a specific goal or event. While it may not accrue as much interest as other types of investments, it provides a guaranteed payout at a specific date, which can be helpful for those who want to plan for the future.