endowment
noun
/ɪnˈdaʊmənt/ ukus [ C or U ] SOCIAL RESPONSIBILITY
money that is given to a college, hospital, etc. in order to provide it with an income, or the giving of this money:
an endowment for sth The Las Vegas millionaire pledged $10 million for the project and an endowment for the school.
An endowment of $11.3 billion.
[ C ] INSURANCE (also endowment assurance); (endowment policy)
a type of insurance in which you pay a regular amount of money over a particular period of time, or until you die, after which the insurance company pays an amount of money:
We always aimed to ensure that customers understood that the eventual value of an endowment was not guaranteed.
I was advised to take out an endowment.
[ C ] PROPERTY
an endowment mortgage :
He was unhappy about the way he had been sold a mortgage endowment.