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Insurance and Finance - General Knowledge Questions
A)
ICICI Bank
B)
HDFC Bank
C)
Bajaj Housing Finance
D)
SBI Home Loans

Correct Answer :   Bajaj Housing Finance

Dual Rate Home Loan and Loan Against Property feature a fixed rate of interest for the first 3 years, providing borrowers stability with fixed EMIs in the initial period of the loan

Pune, Maharashtra, India (NewsVoir)  :   
Bajaj Housing Finance Ltd (BHFL) launches the new Dual Rate feature for Home Loans and Loans Against Property in line with their focus on providing borrowers convenient repayment options to help make dream homes a reality.

Key Features :
With Dual Rate Home Loans and Loans Against Property, borrowers enjoy a fixed interest rate for the first three years of their repayment tenor. Consequently, with fixed EMIs over this period, borrowers benefit from predictability in their repayment obligation with removed interest rate volatility.

After the first three years, the loan converts to a floating interest rate loan linked to the BHFL Floating Rate Reference (FRR), allowing borrowers to benefit from changes in market conditions.

Applicability :
Both salaried and self-employed individuals can benefit from this new feature, as well as a host of other features, such as competitive interest rates and quick and hassle-free processing on over 6,000 approved projects.

Further, in terms of Home Loans, the Dual Rate feature can be availed of by both – prospective borrowers looking to avail of a fresh Home Loan to purchase property, or existing borrowers looking to transfer their Home Loan for more favourable borrowing terms..

Source : PTI News

A)
System Downtime
B)
Fraudulent Activities
C)
Overcharging Customers
D)
Non-Compliance

Correct Answer :   Non-Compliance

* The Reserve Bank of India (RBI) imposed penalties on IndusInd Bank (?27.3 lakh) and Manappuram Finance (?20 lakh) due to non-compliance with regulatory norms.

* Inspections revealed deficiencies, such as the opening of savings accounts for ineligible entities by IndusInd Bank and failure to verify customer PANs or assign Unique Customer Identification Codes by Manappuram Finance. These actions highlight the importance of strict adherence to RBI’s regulatory guidelines.

A)
HDFC Life
B)
LIC of India
C)
Canara HSBC Life
D)
ICICI Prudential Life

Correct Answer :   Canara HSBC Life

Canara HSBC Life Insurance introduced OmniGen AI, a generative AI-powered solution designed to revolutionize underwriting processes.

This advanced system, hosted on AWS, enhances risk evaluation, accelerates decision-making, and minimizes manual errors.

The launch underscores Canara HSBC Life's commitment to leveraging cutting-edge technology for operational efficiency, scalability, and improved customer experience in the insurance sector.

A)
World Bank
B)
Asian Development Bank
C)
International Monetary Fund
D)
Asian Infrastructure Investment Bank

Correct Answer :   World Bank

The World Bank has enhanced its lending capacity to support global development, prioritizing climate action and Sustainable Development Goals.

With a strong focus on green projects, the organization aims to provide USD 150 billion over the next decade.

As one of the World Bank's largest clients, India will receive a significant share of this funding for initiatives in climate resilience, rural development, energy, healthcare, and digital education.

The World Bank's mission is to reduce poverty and promote shared prosperity through financial products, technical assistance, and policy advice.

A)
Wipro
B)
Infosys
C)
Tech Mahindra
D)
Tata Consultancy Services (TCS)

Correct Answer :   Infosys

The Life Insurance Corporation of India (LIC) has chosen Infosys to develop its next-generation digital platform as part of its DIVE (Digital Innovation and Value Enhancement) program.

This platform aims to enhance customer services, business lifecycle management, and operational activities.

Infosys was selected through a request for proposal (RFP) process, marking a significant shift from LIC's previous IT collaborations with TCS and Tech Mahindra.

The partnership will help LIC transform into a technology-driven organization, offering comprehensive life insurance solutions to meet customers' instant service expectations.

A)
SBI Life
B)
HDFC Life
C)
ICICI Prudential
D)
Tata AIA Life

Correct Answer :   Tata AIA Life

Tata AIA Life Insurance has unveiled its latest term insurance product, Sampoorna Raksha Promise. This product is designed to enhance financial security, Tata AIA Life Insurance said.

Here are the key features :

Instant payout : The plan provides an immediate payout of ?3 lakh upon death claim intimation to cover urgent expenses.

Premium deferral : Policyholders can defer their premium payments for up to 12 months once every five years.

Terminal illness benefit : Upon diagnosis of a terminal illness, 50% of the base sum assured is paid out.

Future premiums are waived, and policy benefits continue.

Plan options :

Life promise : Provides coverage up to age 100 with a specified sum assured payable upon the policyholder's death.

Life promise plus : Similar to Life Promise, but includes a refund of 100% of the total premium paid if the policyholder survives to maturity, excluding modal premiums and discounts.

Additional benefits :

Life stage facility : Allows policyholders to increase coverage at key life events, such as marriage, childbirth/adoption, or obtaining a home loan.

Accelerated instant death benefit : ?3 lakh paid within one working day from claim registration if death occurs after the waiting period of three years.

Flexi pay benefit : Enables deferral of premium payments for up to 12 months without additional cost while maintaining full coverage.

Discounts :

Digital discount : 10% off the first year’s premium for online purchases.

Salaried discount : 5% off the first year’s premium for salaried individuals.

Milestone discount : 2% off the first year’s premium for reaching life milestones such as marriage, childbirth/adoption, securing a first job, or obtaining a home loan.

Women’s discount : 15% lower premium for women compared to men..

Source : CNBC TV18

A)
Rs 5 Lakh
B)
Rs 3 Lakh
C)
Rs 2 Lakh
D)
Rs 1 Lakh

Correct Answer :   Rs 5 Lakh

The Reserve Bank of India (RBI) has increased the UPI limit for tax payments to Rs 5 lakh per transaction, up from the previous limit of Rs 1 lakh.

This adjustment is designed to facilitate larger transactions and enhance convenience for taxpayers handling high-value payments.

By raising the limit, the RBI aims to boost digital payment adoption and reduce dependence on cash, aligning with its broader goal of promoting efficient and secure digital transactions.

A)
Assam
B)
Sikkim
C)
Nagaland
D)
Meghalaya

Correct Answer :   Nagaland

Nagaland and SBI General Insurance signed an MoU to implement the Disaster Risk Transfer Parametric Insurance Solution (DRTPS).

This makes Nagaland the first state in India to adopt such a solution, which aims to protect critical infrastructure and mitigate economic losses from disasters, including floods, droughts, mudslides, and damage to property and crops.

The agreement covers a three-year period from 2024 to 2027, highlighting the state’s proactive approach to disaster management.

A)
Bajaj Allianz
B)
Tata AIG
C)
HDFC Ergo
D)
ICICI Lombard

Correct Answer :   Bajaj Allianz

Bajaj Allianz General Insurance successfully processed its first claim through the National Health Claim Exchange (NHCX) platform.

This platform, introduced by the National Health Authority (NHA), standardizes data, facilitates seamless information exchange, and unifies stakeholders by utilizing the Ayushman Bharat Health Account (ABHA) ID, thereby enhancing claim settlement efficiency.

A)
2009
B)
2012
C)
2015
D)
2018

Correct Answer :   2012

The angel tax, introduced in 2012 under Section 56(2)(vii B) of the Income Tax Act, 1961, was designed to curb black money laundering through inflated share sales by taxing excess funds raised above fair market value at a rate of 30.9%.

Recently, in the Union Budget 2024-25, the Union Minister for Finance proposed to abolish the angel tax for all classes of investors. This decision aims to boost investment in startups and simplify the tax landscape for emerging businesses.