Which one of the following statements is correct?

A. In a limited payment policy, there is a maximum limit to the SA

B. In a limited payment policy, there is a maximum limit to the term

C. Both the statements above are wrong

D. Both the statements above are correct

Answer: Option C

Solution(By Examveda Team)

30 yrs is the maximum period for which most companies offer term insurance plans to individuals. The minimum insurance term is usually 10 years. 65 yrs is the maximum age till which most insurance companies offer life cover under term plans.