Which period allows for the insured to receive benefits if they are still living at the end of the endowment period?

The endowment period is a specified duration within a life insurance policy during which the policyholder can receive a benefit if they are still alive at the conclusion of that period. In essence, an endowment policy is designed to pay out a lump sum either upon the death of the insured within the policy term or if the insured survives to the end of the endowment period. This feature distinguishes the endowment period as it provides a dual benefit: it serves as a form of life insurance while also functioning like a savings plan, ensuring that the insured receives benefits if alive at the end of that defined term.

In contrast, the grace period typically allows the policyholder additional time to pay overdue premiums without losing coverage, while a benefit period often refers to the timeframe during which benefits are available under disability or health policies. The waiting period is the duration before benefits begin after a claim is made, often found in health insurance policies. Thus, the endowment period uniquely highlights the potential for living benefits, making it the correct choice in this context.