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A policy where the policyholder makes a one-time payment of premium, is known as a ______________

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Question: A policy where the policyholder makes a one-time payment of premium, is known as a ______________

Options:

  1.  Money-back policy
  2.  Single premium policy
  3.  Salary Savings Scheme policy
  4.  Half-yearly policy
  5.  Annual policy

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3. Single premium policy

A policy where the policyholder makes a one-time payment of premium, is known as a Single premium policy.

More info:

Single Premium Policy: As the name suggest, the premium of the policy is paid only once. The policyholder makes a one-time payment of premium.

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