Given below is a list of policies. Identify under which type of policy, the claim payment is made in the form of periodic payments?

A. Money-back policy

B. Unit linked insurance policy

C. Return of premium policy

D. Term insurance policy

Answer: Option A

Solution(By Examveda Team)

In money-back policy, the claim payment is made in the form of periodic payments. Money back plan simply means that money comes back to the life insured after a specific interval of time as survival benefit. The money back is guaranteed on the survival of the policyholder. However, in case of death of the policyholder, the nominee gets the sum assured and accrued bonuses, if any.