The correct answer is: C. Money Back Plan
An endowment assurance plan is a type of life insurance policy that pays out a lump sum of money at the end of the policy term, regardless of whether the policyholder dies during the term. The money can be used for any purpose, such as retirement, education, or a down payment on a house.
A mortgage redemption plan is a type of life insurance policy that is designed to pay off a mortgage in the event of the policyholder’s death. The policy typically pays out the full amount of the mortgage, which can help to protect the family from financial hardship.
A credit life insurance plan is a type of life insurance policy that is designed to pay off a loan in the event of the policyholder’s death. The policy typically pays out the full amount of the loan, which can help to protect the lender from financial loss.
A whole life plan is a type of life insurance policy that provides lifelong coverage. The policy typically pays out a death benefit to the beneficiaries in the event of the policyholder’s death, and it may also offer cash value accumulation.
In conclusion, the correct answer is C. Money Back Plan. A money back plan is an endowment assurance plan that pays out a lump sum of money at the end of the policy term, regardless of whether the policyholder dies during the term.