Final answer:
An endowment policy offers financial protection and long-term savings with guaranteed returns.
Step-by-step explanation:
An endowment policy is a type of insurance policy that provides both financial protection for the policyholder and beneficiaries, as well as long-term savings with guaranteed returns. With an endowment policy, the policyholder pays regular premiums over a specified period of time. At the end of the policy term, the policyholder receives a lump sum amount, which can be used as a future income source or for any other financial needs.