Which of the below is an example of an endowment assurance plan?

A Mortgage Redemption Plan
B Credit Life Insurance Plan
C Money Back Plan
D Whole Life Plan

Correct Answer: Money Back Plan

Money Back Plan is an example of an endowment assurance plan. In a money back plan, the insured person gets a percentage of sum assured at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity.
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Related Questions

Which of the below statement is correct with regards to endowment assurance plan?
A It has a death benefit component only
B It has a survival benefit component only
C It has both a death benefit as well as a survival component
D It is similar to a term plan
Endowment assurance does not possess which of the following property?
A Savings benefit
B Death benefit
C Survival Benefit
D Bonus benefit
In which field is the Nobel prize not paid out of the endowment set up by Dr. Alfred Nobel?
A Peace
B Chemistry
C Economics
D physics
The theory suggesting that the patterns of international trade are determined by factor endowment rather than productivity was propounded by which one of the following?
A Adam Smith
B David Ricardo
C Heckscher and Bertil Ohlin
D Michael Porter
Which of the following statement is correct in respect of Endowment policy?
A Shorter the policy term, lesser the investment element
B Shorter the policy term, larger the investment element
C Longer the policy term, larger the investment element
D Term and investment element do not bear any relationship
Which of the below statement is incorrect with regards to decreasing term assurance?
A Death benefit amount decreases with the term of coverage
B Premium amount decreases with the term of coverage
C Premium remains level throughout the term
D Mortgage redemption plans are an example of decreasing term assurance plans
In which year New India Assurance Co Ltd nationalized?
A 1945
B 1947
C 1973
D 1969
In which year New India Assurance Co Ltd was found?
A 1918
B 1818
C 1919
D 1945
Which of the following type of insurance product are available in New India Assurance Co Ltd located?
A Personal Insurance
B Commercial Insurance
C Industrial Insurance
D All of the above
The New India Assurance Co. Ltd. was a subsidiary of which of the following company?
A General Insurance Corporation of India (GIC)
B Life Insurance Corporation of India (LIC)
C The Oriental Insurance Company
D United India Insurance Company

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