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Insurance and Finance - General Knowledge Questions
Bajaj Allianz
SBI Life Insurance
Fincare Insurance

Correct Answer : Option (A) - 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.

HDFC Life Insurance
Aditya Birla Health Insurance
Max Life Insurance
SBI Life Insurance

Correct Answer : Option (B) - 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


Correct Answer : Option (C) - 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.

Max Life Insurance
Tata AIA Life Insurance
SBI Life Insurance
Bajaj Allianz Life Insurance

Correct Answer : Option (A) - 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

Bharti AXA Life Insurance
Care Health Insurance
Bajaj Allianz General Insurance
Future Generali India Insurance

Correct Answer : Option (A) - 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


Correct Answer : Option (D) - 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

SBI Life Insurance
Postal Life Insurance
Life Insurance Corporation
Go Digit Life Insurance

Correct Answer : Option (B) - 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

Life Insurance Corporation and ICICI Lombard
ICICI Lombard and New India Assurance
Star Health and Allied Insurance
New India Assurance and Max Life Insurance

Correct Answer : Option (C) - Star Health and Allied Insurance

Star Health and Allied Insurance (Star Health), a standalone health insurer, has entered into a strategic corporate alliance with Standard Chartered Bank (SCB).

Under this tie-up, SCB will offer Star Health’s insurance products through their extensive branch network across India. SCB currently has 100 branches spread across 42 cities.

With this branch network, SCB will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.

Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and the insurance company get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the bank’s distribution network.

This strategic alliance will enhance Star Health’s distribution network. As of June 30, 2023, the standalone health insurer had over 6.4 lakh agents and 38 bancassurance partners.

Anand Roy, MD and CEO, Star Health and Allied Insurance Co. Ltd., said, “Our health insurance policies are crafted to cater to the varied health insurance requirements of individuals, offering holistic protection for every customer.

By collaborating with Standard Chartered, we not only expand the reach but also deliver top-tier services that align with the needs of India’s affluent clientele.”

Saurabh Jain, MD & Head, Wealth Management India, Standard Chartered Bank, said, “Health and protection are key needs today for clients managing their wealth, with Standard Chartered’s Wealth Expectancy Report for 2022 revealing that over 54 per cent of respondents in India have prioritised health and wellness post-pandemic. We are pleased to partner with Star Health and bring their products and services to address the evolving health needs of our clients.”

The escalating healthcare costs in India have resulted in an unprecedented surge in the demand for health insurance. Customers now require comprehensive policies that cater to their medical requirements, encompassing benefits such as OPD Care, Hospi Cash, and Critical Illness Coverage.

This partnership will help increase insurance penetration in India and contribute to Star Health’s endeavor to make quality health insurance accessible to everyone in every part of the country..

Source : The Hindu Businessline

Bharti AXA
Tata AIA
Bajaj Allianz

Correct Answer : Option (C) - Tata AIA

Tata AIA Life Insurance (Tata AIA) has introduced digital payments via WhatsApp and Unified Payment Interfaces (UPI).

This feature provides an instant premium payment facility through WhatsApp and UPI-enabled payment options.

India currently has around 500 million WhatsApp users and more than 300 million UPI users. This option allows consumers a new channel to pay their premiums on an app that they are already familiar with.

This is also part of Tata AIA's goal to improve its Net Promoter Score (NPS), a system used to measure how well the company is meeting its consumer's needs and improving consumer behaviour.

Source : Business Standard

ICICI Lombard
New India Assurance
SBI General Insurance

Correct Answer : Option (A) - ICICI Lombard

General insurance company ICICI Lombard on Monday (26th June 2023) announced the launch of three insurance products focusing on MSMEs — MSME Suraksha Kavach Policy, Property All Risk (PAR) Policy, and i-Select Liability to make MSMEs more risk aware and provide them with the benefit of comprehensive coverage to safeguard their businesses.  

The MSME Suraksha Kavach Policy is a bundled product to protect MSMEs against loss or damage to property due to defined insured perils.

The policy offers the benefits of optional coverage for STFI (Storms, Typhoons, Cyclones, Tempest, Tornados, Hurricanes, Floods and Inundation), and Terrorism, providing businesses with the flexibility to choose the right level of protection.

The PAR policy covers a range of properties, including buildings, machinery, stocks, and furniture, against loss or damage caused by accidents or misfortunes, unless specifically excluded in the policy.

Lastly, the i-Select Liability Add On is to further enhance the comprehensive Club Royale policy of ICICI Lombard by offering multiple additional covers such as security upgrades, cover on valuables like jewellery or any home event cancellation.

Sanjeev Mantri, Executive Director of ICICI Lombard, said, “In today’s dynamic business landscape, all businesses, especially MSMEs, must have a robust risk management and contingency plans. Insurance plays a pivotal role in this process, offering crucial financial protection and empowering businesses to withstand turbulence and uncertainties.

Our new insurance solutions are specifically designed to empower MSMEs with a wider suite of products, a more comprehensive cover for property related risks and convenience of bundled offering in a singular plan.”..

Source : Financial Express