Which plan is suitable for accumulation of specific sum of money?

A. Whole life

B. Endowment

C. Money back

D. Term insurance

Answer: Option B

Solution(By Examveda Team)

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.