At end of index listing it states the closing price of the index.

You won’t make money until the index option closes above the strike price (the price you will sell your option at)

Index options allow investors to hedge the market risk involved in stock ownership.

If you think the market will decline and you have an un-diversified portfolio, buy a put index option. (If market declines more than your stock (including premium) or if market increases but less than the stock increase, then the stock will make more money then lost on the option premium).  Both ways investor keeps the stock.