Question
___________ is a type of life insurance policy
designed to pay a lump sum on maturity or on death.Solution
An endowment policy is a type of life insurance policy designed to pay a lump sum on maturity or on death. An endowment policy can be used to build a risk-free savings corpus, while providing financial protection for family in case of an unfortunate event. This simplicity of an endowment plan has over the years made it an attractive savings plan for all.
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