GENERAL KNOWLEDGE

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GK

INSURANCE AWARENESS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The payment of sum assured to the insured person which has become due by instalments under a money back policy is known as ____
A
Sum Assured
B
Paid-up value
C
Surrender Value
D
Survival Benefit
Explanation: 

Detailed explanation-1: -As the name suggests, this policy provides money back at regular intervals (usually in installments after a few years). The installment amount, which is also called ‘Survival Benefits’ is a certain percentage of the sum assured. The remaining sum assured is paid back on maturity with consigned bonuses.

Detailed explanation-2: -Annuity Policy Annuity is paid so long as the assured survives. In annuity policy medical checkup is not required. Annuity is paid so long as the assured survives.

Detailed explanation-3: -The survival benefit of a life insurance policy pays an amount to the policyholder when the life insured outlives the policy term, and no death claim is filed. This benefit is generally paid at the end of the premium payment term.

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