Question
Banking And Insurance Question on Financial Literacy
The type of Life Insurance Policy in which there is provision of regular income during old age is called:
A
Endowment policy
B
Money back policy
C
Annuity policy
D
Term policy
Answer
Annuity policy
Explanation
Solution
An annuity policy provides regular payouts to the insured, typically after retirement or reaching a certain age. It is designed to offer financial stability during old age.