The correct answer is D. Endowment assurance.
Term assurance is a type of life insurance policy that provides coverage for a specified period of time, known as the term. If the insured person dies during the term, the policy pays out a death benefit to the beneficiaries. Term assurance is a relatively simple and affordable type of life insurance, and it is often used as a way to provide financial protection for loved ones in the event of the insured person’s death.
Mortgage redemption insurance is a type of term assurance that is specifically designed to help repay a mortgage in the event of the insured person’s death. The policy pays out a death benefit that is large enough to cover the remaining balance on the mortgage, which can help to prevent the family from losing their home.
Return of premiums term assurance is a type of term assurance that returns the premiums that have been paid into the policy if the insured person survives the term. This type of policy can be a good option for people who are looking for a way to save money while also having some life insurance protection.
Increasing term assurance is a type of term assurance that provides increasing death benefits over time. This type of policy can be a good option for people who want to make sure that their loved ones are always financially protected, even if their income increases over time.
Endowment assurance is a type of life insurance policy that combines life insurance protection with savings. The policy pays out a death benefit if the insured person dies during the term, and it also pays out a lump sum of money if the insured person survives the term. Endowment assurance can be a good option for people who are looking for a way to save money and also have some life insurance protection.
However, endowment assurance is not a variant of term assurance. It is a separate type of life insurance policy.