Which of the below statement is correct with regards to endowment assurance plan?

April 15, 2024 by rawan239

that provides a death benefit if the insured person dies during the policy term, as well as a maturity benefit if the insured person survives the policy term. The maturity benefit can be used for retirement, education, or other purposes.

Option A is incorrect because endowment assurance plans also have a survival benefit component.

Option B is incorrect because endowment assurance plans also have a death benefit component.

Option D is incorrect because endowment assurance plans are not similar to term plans. Term plans only provide a death benefit, while endowment assurance plans provide both a death benefit and a survival benefit.