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Endowment Insurance covers the person for a specific period. Thus the individual can insure himself till the period he desires. In the event of the death of the individual nominee receives the sum assured and bonuses the insurance company has paid for the years the policy has been in force. Upon maturity the policyholder receives the sum assured and bonus for the term of the policy. Endowment insurance policy can be classified as Endowment-with profit and Endowment-without profit plans.
Endowment without profit plans are also known as term insurance plans which offer the nominee sum assured in event of policyholders death. Endowment with profit plans, upon maturity the policyholder receives the sum assured and bonus for the term of the policy and in event of the death of the policyholder, nominee receives the sum assured plus bonus.
Endowment policies have the following benefits
Different types of Bonuses are given by the insurance providers. Bonus is the extra money which is additional to the proceeds that are distributed to the policyholders. Only policyholders taking up the with profit plans are eligible for this benefit. Bonuses are given only after the insurance company has taken into account surplus funds after costs, claims and expenses are accounted for.
There are additional riders for the policyholders to choose from as per requirements of policyholders
Some of the features of Endowment policies include