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Insurance and Finance - General Knowledge Questions
A)
HDFC Bank
B)
HDFC Life Insurance
C)
Aditya Birla Life Insurance
D)
Life Insurance Corporation of India

Correct Answer :   Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) raised its stake in IDFC First Bank to 2.68% by acquiring additional shares through a private placement offer.

This move underscores LIC's strategy to strengthen its investment portfolio in the banking sector, enhancing its position as a major shareholder in IDFC First Bank.

A)
Aegon Life Insurance
B)
HDFC Life Insurance
C)
Bandhan Life Insurance
D)
Kotak Life Insurance

Correct Answer :   Bandhan Life Insurance

Bandhan Life Insurance, formerly known as Aegon Life Insurance, has rebranded itself with the tagline ‘Bharat Ki Udaan, Bandhan Se’, reflecting its commitment to empowering the aspirations of India. Under the ownership of Bandhan Financial Holdings, the company is embarking on an aggressive growth strategy, aiming to recruit 1,000 new employees and expand its customer base.

Transition and Vision :

Satishwar B., MD and CEO of Bandhan Life, emphasizes the transformative nature of this transition as the company joins the renowned Bandhan Group. With a vision set for the next five years, Bandhan Life aims to emerge as a leading multi-channel insurance provider, focusing on digital innovation, robust distribution, and service excellence.

Enhanced Offerings and Brand Identity :

The revamped product names, such as Bandhan Life iTerm Prime, signal a shift towards a more comprehensive and customer-centric approach. The new logo, depicting a growing bud, symbolizes the company’s dedication to nurturing the dreams and aspirations of India. Customers are encouraged to explore these enhanced offerings on the company’s website, reflecting Bandhan Life’s commitment to providing value across all relevant product categories.

A)
HDFC Life Insurance
B)
Max Life Insurance
C)
Reliance Nippon Life Insurance
D)
SBI Life Insurance

Correct Answer :   SBI Life Insurance

SBI Life Insurance has inaugurated IdeationX, a groundbreaking initiative aimed at fostering life insurance innovation. This initiative encourages future leaders from top B-Schools to devise unconventional solutions that cater to evolving consumer needs in the insurance sector.

Engaging B-Schools for Innovation :

IdeationX targets students from prestigious B-Schools nationwide, urging them to think creatively and present innovative life insurance solutions.

Inaugural Edition Success :

The inaugural edition witnessed participation from over 1000 students representing renowned B-Schools such as NIA, NIRMA, SIES, KJ Somaiya, IMI, BML Munjal, IMT, and XIME. Following rigorous screening, 320 students advanced to the final round, comprising eight teams of five.

XIME-Bangalore Emerges Victorious :

The triumphant team from XIME-Bangalore clinched the esteemed title of SBI Life IdeationX winner, showcasing exceptional creativity and problem-solving skills.

Visionary Insights from SBI Life :

Mr. Subhendu Bal, Chief Actuary & Chief Risk Officer at SBI Life Insurance, expressed gratitude for the overwhelming response to IdeationX. He emphasized the importance of nurturing early problem-solving skills among management students to cultivate future industry leaders.

Shaping the Future of Insurance :

Mr. Bal underscored the significance of inspiring future leaders to envision universal insurance coverage by 2047. He praised the passion and dedication of the participants, highlighting their potential to reshape the life insurance landscape and contribute to the socio-economic development of the nation.

A)
Policybazaar
B)
Bajaj Allianz
C)
SBI Life Insurance
D)
Fincare Insurance

Correct Answer :   Policybazaar

ICICI Lombard has teamed up with Policybazaar to leverage its digital platform and reach 10 million customers with a range of insurance products, including motor, health, travel, home, and business insurance. This partnership aims to enhance insurance accessibility and distribution across India.

A)
HDFC Life Insurance
B)
Aditya Birla Health Insurance
C)
Max Life Insurance
D)
SBI Life Insurance

Correct Answer :   Aditya Birla Health Insurance

Aditya Birla Health Insurance Company Limited (ABHICL), the health insurance division of Aditya Birla Capital, a prominent and diversified financial services provider in India, has introduced ‘Activ One.’

This streamlined and all-encompassing health insurance plan is designed to offer policyholders personalized solutions, addressing not only their health insurance requirements but also fostering their journey towards optimal well-being.

Packed with cutting-edge features like complete health returns, claim protection, no sub-limits, super reload, and super credit, Activ One stands as ABHICL’s most extensive offering to date. This all-inclusive product provides customers with a singular solution for both their health assurance and health insurance requirements.

Commenting on the launch, Mayank Bathwal, CEO, Aditya Birla Health Insurance, said, “Activ One is a result of us being good at listening to our stakeholders - our customers, advisors, distributors, and partners. Based on their inputs and insights, we developed Activ One, which addresses the needs of every consumer - across their different health or life stages, and at stages of battling chronic ailments. With seven variants built into one product, we are offering the Power of One, to all. At ABHI, our vision has always been to incentivize wellness, encouraging policyholders to embrace a healthier lifestyle and holistic well-being. Through Activ One, we want to ensure that our policyholders experience a simplified and comprehensive healthcare solution that is personalized, rewarding, and worry-free."



The key features of the policy include :

100% health returns : Empowers policyholders to reclaim their entire premium by adopting an active and healthy lifestyle.

Claim protection : This feature ensures that policyholders receive coverage for all specified non-medical expenses associated with hospitalization. This encompasses costs for items such as face masks, cotton, gloves, oxygen cylinders, and more.

No sub-limits : There are no restrictions on room rent, ICU charges, specified modern treatments such as robotic surgeries, oral chemotherapy, etc., and more, up to the Sum Insured. This empowers our policyholders to make healthcare decisions based on their needs rather than being constrained by arbitrary limitations.

Super reload : This functionality provides an unlimited refill up to the base sum insured within a policy year, ensuring that policyholders do not exhaust their health insurance coverage.

Super credit : Policyholders can counteract medical inflation as their Sum Insured grows by up to six times by the sixth year of their policy, regardless of claims, without any additional premium payments.

Activ One distinguishes itself through its extensive array of built-in features, encompassing coverage for in-patient hospitalization and pre- and post-hospitalization expenses, extending up to 90 and 180 days, respectively. In a groundbreaking move, the health insurance company now includes coverage for live-in partners (same or opposite sex) under the policy.

Additionally, the policy incorporates chronic care coverage, ensuring Day 1 coverage (zero waiting period) for individuals with seven chronic conditions, including asthma, high blood pressure, high cholesterol, diabetes, chronic obstructive pulmonary disease, obesity, and coronary artery disease (PTCA done a year before).

The “HealthReturns" feature empowers policyholders to recover their entire premium, with the potential to earn up to 100 per cent health returns. This accumulation is based on factors such as the Healthy Heart Score, fitness assessment results, and the number of recorded Active Dayz each month. Active Dayz can be earned by engaging in prescribed fitness activities such as walking 10,000 steps or participating in regular exercise and yoga sessions. The funds accrued as HealthReturns can be utilized for renewing premiums, covering non-medical expenses, and managing outpatient costs.

Activ One offers flexibility with no maximum age of entry, and it provides optional coverage for durable equipment, second medical opinions, personal accidents, critical illnesses, and a cancer booster..

Source : Mint

A)
41%
B)
46%
C)
51%
D)
55%

Correct Answer :   51%

Zurich Insurance Company is set to make a substantial investment in Kotak General Insurance, marking a significant move in the insurance industry.

The Swiss-based Zurich Insurance will acquire a 51% stake in Kotak General Insurance, with plans to increase its ownership over-time. This development is poised to bring innovation and growth to the Indian insurance market.


Key Details of the Deal :

* Zurich Insurance is set to invest Rs.4,501 crore in Kotak General Insurance to acquire a 51% stake.
* The investment will made through a combination of fresh insurance and share purchases. The exact split between the two has not been disclosed.
* Zurich has the option to acquire an additional 19% stake within three years of its initial acquisition.
* Kotak Mahindra Bank will retain management control of the general insurance arm until Zurich increases its stake to 70%.


Background and Significance :


* First Foreign Partner: This joint venture with Zurich is Kotak Mahindra Bank’s first partnership with a foreign entity in nearly six years. It is a significant move, as all non-bank businesses within the Kotal group are currently 100%.
* General Insurance Arm: Kotak General Insurance had faced financial challenges in the past, with a loss of Rs.117 crore in FY23, higher than the Rs.83 crore loss in FY22. However, the company is well-capitalized with an 183% solvency ratio in FY23.
* Past Ventures: The bank has explored previous joint ventures, with Goldman Sachs for the capital market and securities business (1992- 2006) and Old Mutual for the life insurance business (ended in 2017). Both of these partnerships lasted for 14 years each.


Leader’s Insights :

Dipak Gupta, MD & CEO, Kotak Mahindra Bank Ltd : Gupta emphasized the synergy between the two companies, stating that “Kotak Mahindra Group’s pan-India ‘phygital’ distribution presence and Zurich’s distinct global capabilities in digital assets in B2B and B2C formats have the potential to create a transformational ‘digical’ impact for Kotak General Insurance.” He expressed confidence in the partnership’s ability to revolutionize the insurance sector.

Tulsi Naidu, CEO Asia Pacific, Zurich Insurance : Naidu believed this partnership will bring strong innovation, expertise and superior customer experiences to the Indian general insurance market. The collaboration positions both companies to leverage their strengths and experience to enhance their offerings and customer service.

A)
Max Life Insurance
B)
Tata AIA Life Insurance
C)
SBI Life Insurance
D)
Bajaj Allianz Life Insurance

Correct Answer :   Max Life Insurance

Max Life Insurance Company on Tuesday (12th Sep 2023) made its foray into the health and wellness category with the launch of a flagship offering, - Secure Earnings & Wellness Advantage Plan (SEWA).

It is the first of its kind offering in the industry that integrates health, protection, savings and holistic wellness benefits to cater to the evolving needs of the modern consumer, the company said.

It offers a comprehensive plan that covers hospitalisation, ICU, surgeries, critical illness, disability besides life cover.

Aim : To drive insurance adoption amongst women and transgender customers for financial inclusion, it provides a discount of 5 percent in the first year premium to these customer segments.

Additionally, the offering provides customers with access to Max Fit wellness digital app, which incentivises them for a leading a disciplined and healthier lifestyle, by providing enhanced maturity benefits. Customers can unlock a 5 percent discount on the first year premium by registering on the app.

They can record their healthy habits on the app and earn wellness boosters. These accrued wellness boosters will be paid along with the maturity benefit.

As per Max Life’s latest research on retirement (India Retirement Index Study), 59 percent of Indians prioritize health while planning for retirement, reflecting a growing consciousness about holistic well-being. Keeping in mind the evolving preferences of the consumer, SEWA aims to provide a unique blend of financial security and health benefits.

Prashant Tripathy, Managing Director & CEO, Max Life said, “SEWA is a unique product that combines the benefit of health, security and financial stability."..

Source : CNBC

A)
Bharti AXA Life Insurance
B)
Care Health Insurance
C)
Bajaj Allianz General Insurance
D)
Future Generali India Insurance

Correct Answer :   Bharti AXA Life Insurance

Bharti AXA Life Insurance has unveiled a new product, Bharti AXA Life Income Laabh to simplify insurance and provide optimal protection to its customers. This plan addresses the twin goals of providing financial protection and ensuring a steady income stream.

The plan gives customers a regular stream of assured income for 10-12 years, depending on the policy term they choose. Initial income pay-out is 100 per cent of the annual premium one pays, which then increases to 150 per cent after five years for a 10-year policy term.

In the case of a 12-year policy term, the income increases by 200 per cent after six years. Also, the policyholder or the nominee will receive a guaranteed lump sum amount in the last year of the income period which can help them step up and accomplish important life goals. The product aims to strengthen the financial well-being of the customers along with their families.

Bharti AXA Life Income Laabh plan (a non-linked, non-participating, individual savings plan) will also provide life insurance coverage throughout the policy term. For those seeking even more comprehensive coverage, the plan offers optional riders. These riders will allow policyholders to enhance their protection coverage, providing them with peace of mind and added security. Furthermore, Bharti AXA Life Income Laabh (UIN: 130NI22VO1) will give the flexibility to choose premium payment terms or policy terms along with providing tax benefits for the customers.

Speaking on the launch of Bharti AXA Life Income Laabh, Parag Raja, MD & CEO, Bharti AXA Life Insurance said, “We are delighted to bring this product to our customers, which will add to their financial wellness through its unique benefits. Our sole purpose in launching Bharti AXA Life Income Laabh is to offer financial security at every stage of their life in a simple way so they can relish in the joys of their life. With our commitment to make insurance simple and accessible to all, we will continue to design simple and unique products which fulfill customers’ financial requirements as they step up in their respective lives.”..

Source : Mint

A)
9.3%
B)
8.5%
C)
7.2%
D)
6.7%

Correct Answer :   6.7%

Life Insurance Corporation announced on Tuesday (22nd August 2023) that it has acquired 6.660% shareholding in Jio Financial Services, the demerged financial entity of Reliance Industries that made its stock debut on Monday (21st Aug 2023).

* The insurer said that the cost of the acquisition done through the demerger of the non-banking financial entity is 4.68 per cent of the pre-demerged cost of Reliance Industries as per the notice of the company dated July 19, 2023.

* Meanwhile, the shares of Jio Financial Services (JFS) hit the lower circuit in its maiden trading session after its listing on Monday. The stock was listed at Rs 265 per share, a marginal premium of over 1 per cent over its derived price of Rs 261.85 on July 20, the date of the company’s demerger.

* The total market capitalisation of JFS was corrected to less than Rs 1.6 lakh crore from over Rs 1.68 lakh crore when the trading kicked-off.

* JFS stock is admitted to dealings in the ‘T’ group securities on BSE, meaning that intra-day trading in the stock is not allowed.

* Additionally, JFS shares hit its lower circuit limits for the second straight session on Tuesday (22nd Aug 2023). Its shares were locked at 5 per cent lower circuit limit of Rs 239.20 on BSE. In the previous session too, the shares were down 5 per cent from the discovered price of Rs 261.85.

* Foreign brokerage CLSA noted that other than a stake in Reliance Industries, liquids worth $2.5 billion have been demerged into JFS that could support a loan book of $13-15 billion..

Source : Business Today

A)
SBI Life Insurance
B)
Postal Life Insurance
C)
Life Insurance Corporation
D)
Go Digit Life Insurance

Correct Answer :   Postal Life Insurance

Postal Life Insurance (PLI), a distinguished name in the insurance sector since 1884, is taking a momentous leap forward in its customer-centric approach. Recognising the pivotal role of its sales force, the PLI is proud to introduce the pilot program for “Direct Incentive Disbursement” in the Delhi and Uttarakhand Circles.

The cornerstone of PLI's success has always been its sales staff, the driving force behind the department’s accomplishments. Their dedication profoundly influences PLI’s ability to acquire and retain clients, making them indispensable brand ambassadors. By delivering personalised services and cultivating strong client relationships, PLI’s agents consistently contribute to the growth of revenue.

In alignment with its unwavering commitment to continuous improvement, PLI is now unveiling a major enhancement to its agent incentive program. 

Through the "Direct Incentive Disbursement” feature, agents will experience the seamless transfer of their hard-earned commissions from the previous month directly to their Post Office Savings Bank Accounts.

This groundbreaking initiative will impact around two lakh sales force members across the nation, including Gramin Dak Sevaks, Direct Agents, Field Officers, and Departmental Employees. With secure and instantaneous fund transfers, this streamlined process eradicates delays and the need for physical checks. By modernising the way incentives are distributed, the PLI aims to solidify its bond with agents and inspire a culture of excellence.


Key benefits of pilot program :

* Swift and Secure Transactions: Salesforce receive incentives directly in their POSB accounts.

* Convenience and Motivation: Salesforce can conveniently manage their funds, and immediate rewards drive optimal performance.

* Simplified Administration: Automated payouts reduce administrative costs, enabling a greater focus on delivering client service.

The unveiling of this initiative was graced by Shri Alok Sharma, Director General, Postal Services, Department of Posts, in the presence of the Member (PLI) & Chief General Manager (PLI). Chief Postmasters General of all Postal Circles also participated in this program through video conference..


Source : PIB