Q.A life insurance policy that pays the sum assured on the insured's death within a fixed term,

Paying on death-within-term OR survival-to-maturity, whichever comes first, is the defining feature of an endowment policy.

An Endowment Policy combines protection with savings over a fixed term: the sum assured is paid either on the insured's death within that term, or on survival to the end of the term (maturity), whichever happens first — making it the standard savings-cum-protection policy in Indian life insurance.

Option-by-option analysis:

• (A) Incorrect — Term Insurance pays ONLY on death within the term; nothing is paid on survival.
• (B) Incorrect — a Whole Life policy pays only on death, whenever it occurs, with no fixed term or maturity payment on survival. …