In the endowment plan, the insurance firm declares a bonus annually, which is a definite percentage of the sum of the amount for which the individual is covered. On maturity, the policy owner receives the accumulated bonuses, as well as, the corpus of the life insurance plan. Let us consider an endowment plan of 25 years, where the policy owner is insured for Rs. 10 Lakh and gives an annual premium of Rs. 40, 000.
100 Finance Mortgages
The financial services industry has remained in the lead as far as process automation is concerned. That being said, between the two types of data, reference data is often more difficult to automate and traditionally requires more manual intervention. But every manual process in the management of data is costly, limited and ties down employees who would otherwise be engaged in other value adding activities.
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