Endowment Life Insurance. 4.1. The Company undertakes to take out endowment life insurance in favor of the SB Member under the conditions approved by the General Meeting, with a policy period of 4 years. The endowment life insurance amounts to CZK 2,550,000 (that is: two million five hundred and fifty thousand Czech korunas) for a member of the Supervisory Board, CZK 3,050,000 (that is: three million fifty thousand Czech korunas) for the vice-chairman of the Supervisory Board, and CZK 4,050,000 (that is: four million fifty thousand Czech korunas) for the chairman of the Supervisory Board. Upon termination of service or the Company’s withdrawal from the endowment life insurance contract as the policyholder, the policy shall be transferred to the member of the Supervisory Board free of charge.
Endowment Life Insurance. It is the insurance policy issued for a fixes period of time generally 5, 10. 15, 20 or 25 years. The policy holder has to pay the premium till the endowment period. Then the assured sum is paid by the insurance co. to the policy holder on the maturity of policy period along with the bonus but in case of early death of policy holder, the sum assured is paid to his/her nominee.
Endowment Life Insurance. Endowment policies, promises not only to pay the policy face amount on the death of the insured during fixed term of years, but also to pay the full face amount at the end of the term if the insured survives the term. Types of Endowment Policies: Single Premium Endowment Policy Semi Endowment Policy Modified Endowment Policy
