Mr. and Mrs. ABC have three children, they wish to plan for their children’s education, marriage, and other major expenses in due course of their lives. Also due to COVID situation they are worried in case of untimely death. Therefore, they wish to buy suitable polices to cover these expenses. Which type of insurance policies should they purchase? Explain.

Mr. and Mrs. ABC have three children, they wish to plan for their chil

1.	Mr. and Mrs. ABC have three children, they wish to plan for their children’s education, marriage, and other major expenses in due course of their lives. Also due to COVID situation they are worried in case of untimely death. Therefore, they wish to buy suitable polices to cover these expenses. Which type of insurance policies should they purchase? Explain.
Answer» Money Back Policy, which provides for periodic payments of partial survival benefits during the term of the policy so long as the policy holder is alive. In the event of death at any time within the policy term, the death claim comprises the full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured. Thus, money back policy is an endowment policy with liquidity benefits.

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