Definition - What does Pure Endowment mean?
A pure endowment is a type of insurance in which an insurance company agrees to pay the insured a certain amount of money if the insured is still alive at the end of a specific time period. There are, however, no beneficiaries to a pure endowment, meaning that no benefits will be owed if the insured is not alive by the end of the endowment period.
Insuranceopedia explains Pure Endowment
Pure endowments are commonly offered by life insurance companies. Many people use pure endowments as a means to finance expensive things, such as a child's college education or wedding.
Pure endowments are different than other types of endowments because no benefits will be paid out if the insured dies before the policy matures. In other types of endowment policies, the benefits are passed on to beneficiaries if the policyholder is no longer alive to receive it.