The correct answer is: B. Endowment policy.
An endowment policy is a type of life insurance policy that pays out a lump sum of money upon the death of the insured or at the end of a specified term, whichever comes first. The policy also typically includes a savings component, which allows the policyholder to accumulate a fund that can be used for retirement, education, or other purposes.
A term policy is a type of life insurance policy that provides coverage for a specified period of time, such as 10 or 20 years. If the insured dies during the term of the policy, the death benefit is paid to the beneficiaries. However, if the insured survives the term of the policy, no benefits are paid.
A money-back policy is a type of life insurance policy that pays out a portion of the death benefit to the policyholder if they survive the term of the policy. The amount of the money-back benefit is typically based on the amount of premiums that have been paid.
A group insurance policy is a type of life insurance policy that is offered to groups of people, such as employees of a company or members of a union. Group insurance policies are typically less expensive than individual policies because the risk is spread out over a larger group of people.
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