Policies are the main objects defining backups. With a policy you define what to backup ( EC2 instances, EBS volumes, RDS/Redshift), how to back it up, the backup sessions retention period, and (by associating schedules) when to perform backup. Once you have created a backup Policy you can associate a Schedule and add the resources you want backup (i.e. an EC2 Instance).
Try N2WS Backup & Recovery today, free for 30 days —it only takes about 14 minutes to get up and running with your first automated policy