It provides life coverage during the term of the policy and the maturity benefits are paid in installments by way of survival benefits in every 5 years.
Money back policy A money back insurance policy is similar to an endowment policy in the sense that it provides life cover during the term of the policy as well as additional benefits.
A no - claim bonus is a discount on the premium that is offered by insurance companies if the owner has not made a single claim during the term of the policy.
A home warranty is an insurance policy that typically covers the repairs and or replacement of your home's major systems during the term of the policy.
In case of the unfortunate demise of the life assured during the term of the policy, the nominee will receive the benefits, depending on the plan option chosen.