The Term, whole life, endowment, annuity policies or the combination of policies are available in the market. The best policy is the one that best meets your financial needs. You have to select the policy according to yo

CS Professional · Insurance - Law and Practice · PYQS · December 2020
The Term, whole life, endowment, annuity policies or the combination of policies are available in the market. The best policy is the one that best meets your financial needs. You have to select the policy according to your needs. Suggest suitable life insurance policies for the given situations : You are the only earning member in your family. You purchased a flat by taking a loan from housing finance. As long as you are there you can pay EMIs regularly. You want to retain the house for your family members even in your absence.

Answer & Explanation:

The best policy for this situation is the Mortgage Redemption Insurance policy . These plans offer life insurance cover for the specific number of years like till the loan is cleared (or on death, an outstanding loan is covered) at the least cost.

Topics: Life Insurance Products

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