Question

Under which policy, policy money is payable after the assured attains a certain age in monthly, quarterly, half yearly or annual installments-

(A) Whole Life Policy

(B) 10 Years Policy

(C) Fire Policy

(D) Annuity Policy

Answer 1

Correct option is (D) Annuity Policy

Annuity policy: Under this policy, the sum assured or the policy money is paid to the insured on a monthly/quarterly/half-yearly or annual payments. The payments are made only after the insured attains a particular age as dictated by the policy document.