What is the primary purpose of a life insurance product?

A. Tax rebates

B. Safe investment avenue

C. Protection against the loss of economic value of an individual’s productive abilities

D. Wealth accumulation

Answer: Option C

Solution(By Examveda Team)

Protection against the loss of economic value of an individual’s productive abilities is the primary purpose of a life insurance product. The primary purpose for purchasing life insurance is to provide financial stability to beneficiaries in the event of the insured's death.