Under _______ the insurer (Insurance Company) undertakes to pay a specified sum when the insured attains a particular age or on his death which ever is earlier.

Endowment Life Assurance Policy

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Joint Life Policy

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Annuity Policy

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Children's Flexi Policy

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Solution

The correct option is A Endowment Life Assurance Policy
A.
There are various kinds of life insurance policies. Under the Endowment Life Assurance Policy, the Insurance Company undertakes to pay a specified sum to the insured when he attains a particular age or on his death whichever is earlier. However, in the case of his death, the sum is payable to his legal heir or nominee named therein. Thus, the endowment policy is only for a specific period and it matures after a specified number of years.

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