The correct answer is B. Endowment Plans.
An endowment plan is a type of life insurance policy that provides a lump sum payment upon maturity, either at a specified age or upon the death of the insured. The policy also provides a death benefit, which is paid to the beneficiaries of the policy if the insured dies before the policy matures.
Money back plans are a type of life insurance policy that provides a series of payments, usually at regular intervals, over the life of the policy. The payments are typically a percentage of the policy’s face value, and they are made regardless of whether the insured dies or survives to the end of the policy term.
Annuity plans are a type of life insurance policy that provides a stream
of income, usually for life, to the insured or to their beneficiaries. The income payments are typically made monthly, and they are based on the amount of the policy’s death benefit and the insured’s age.Unit-linked insurance plans are a type of life insurance policy that combines life insurance with investment features. The policy holder invests in a portfolio of underlying assets, such as stocks, bonds, and mutual funds. The value of the policy’s death benefit and the policy holder’s investment returns are linked, and the policy holder can typically choose how their money
is invested.In conclusion, the answer to the question “In which Policy, the insurer agrees to pay the assured or his nominees a specified sum of money on his death or on the maturity of the policy whichever is earlier?” is B. Endowment Plans.