Latest Insurance and Finance General Knowledge(GK) Questions and answers

1 .

Which company joined hands with Alliance Insurance Brokers to provide insurance to its national network of delivery partners?

A)

Blinkit

B)

ZopNow

C)

Dunzo

D)

PharmEasy

Correct Answer : Dunzo delivery

Dunzo delivery and Alliance Insurance Brokers have joined hands to provide insurance to the former’s national network of delivery partners.

Through this initiative, Alliance Insurance Brokers is providing insurance protection to almost 20,000 delivery partners, insured on a daily basis, while they are active on the platform.

In case there is an accident, the policy offers a benefit of Rs 5 lakh to cover children’s education, and reimburse business losses and hospitalisation expenses etc.

There is also an OPD (Outpatient Department) component, under which delivery partners get compensated even in cases where hospitalisation is not required and the accident can be treated through OPD consultation and medication.

Speaking on the partnership, Ankit Shah, AVP, City and Supply Operations, said, “We are a people-first organisation and partner welfare has always been a priority for us. Delivery partners are an integral part of Dunzo’s growth. The partnership with Alliance Insurance Brokers is a natural progression to support delivery partners in their times of need.”

Dunzo has sponsored the entire premium for their delivery partners and Alliance Insurance Brokers ensures a smooth end to end insurance process...

Source : Business Standard

2 .

Which Company has introduced 'Vyapar Mitra Business Loans' to provide working capital and business loans?

A)

AU Small Finance Bank

B)

Muthoot FinCorp

C)

ESAF Small Finance Bank

D)

Shriram City Union Finance

Correct Answer : Muthoot FinCorp

Muthoot FinCorp has launched ‘Vyapar Mitra Business Loans’ on Wednesday (15th Feb 2023) to provide working capital and business loans to micro and small businesses, including traders, business owners and self-employed individuals.

* These loans may be availed based on daily cash flows and without any additional collateral, Income Tax Return papers or prior CIBIL score records.

* Benefits : It also offers benefits like no prepayment charges, loan renewals up to three times a year, simple and fast documentation, and quick disbursal of loans.

* Muthoot FinCorp Ltd, the flagship company of the Muthoot Pappachan Group, has been providing loans against gold and MSME loans.

* Serving more than 1,25,000 consumers every day, Muthoot Pappachan Group has catered to the needs of multiple sectors, including financial services, tourism, transportation, real estate, IT services, healthcare, precious metals, international services, and alternative energy..

Source : Economic Times

3 .

Which Finance company launched Insurance Mall for its customers to ensure an Easy-buy experience?

A)

Tata Capital

B)

Shriram City Union Finance

C)

Life Insurance Corporation

D)

Bajaj Finance

Correct Answer : Bajaj Finance

Bajaj Finance launches Insurance Mall for its customers to ensure an Easy-buy experience. The new portal offers a plethora of policies and plans in the core insurance segment and also the company’s one-of-its-kind category of Pocket Insurance and Subscription.

Bajaj Finance has partnered with leading insurers in India to bring you products that are best suited to changing needs of the times. Insurance Mall offers 250+ policies and plans, designed to cater every customer’s need..

One portal for all policies :

Bajaj Finance has been providing plans in partnership with leading insurance companies and assistance service providers so that both existing and new customers get maximum protection. You can choose from the wide range of products offered in the following categories :

* Health insurance : Comprehensive health insurance plans offered to individuals and families give coverage against all medical-related expenses.

* Two-wheeler insurance : Two-wheeler insurance plans will let individuals secure both – damages to their own vehicle and third-party damages.

* Four-wheeler insurance : The comprehensive car insurance policies cover you against financial liabilities for own and third-party damages.

* Appliances extended warranty : Get financial coverage for repair and replacement of multiple gadgets and home appliances in case of damage even after your manufacturer’s warranty expires.

* Pocket Insurance and Subscription : These are budget-friendly plans tailored to give substantial coverage for health, travel, appliances, and lifestyle items.
Investment plans: Benefit from insurance plans offering dual facilities of insurance and investment, ensuring you and your family have a secure future.

These policies are well categorised in the new portal, letting customers explore and purchase those seamlessly.

Features and benefits of the portal :

Here are all the benefits customers can avail by purchasing the insurance plans from the Bajaj Finance Insurance Mall:

* 100% digital process : You can easily compare and buy the policies and plans online with zero paperwork. This saves you from the tedious process of visiting the offline branches of insurers and doing cumbersome paperwork to purchase an insurance plan.

* Extensive product list : You can choose from 250+ benefit-rich Insurance and Pocket Insurance & Subscription plans offered by top insurers that fit your requirements.

* Budget-friendly premiums : The insurance plans available on this platform come at competitive premiums without compromising on coverage or overall benefits.

* Exclusively designed plans : Understanding the need of the time and customers, Bajaj Finance along with its insurance partners brings products that suit you best depending on your requirements. These plans ensure complete financial security at the time of need..

Source : Mint

4 .

Which company has launched "Pay as You Drive" vehicle insurance policy?

A)

New India Assurance

B)

TATA AIG

C)

United India Insurance

D)

National Insurance Company

Correct Answer : New India Assurance

New India Assurance (NIA) has launched a ‘Pay as You Drive’ (PAYD) policy, which offers a comprehensive motor insurance policy that charges premium based on the usage of vehicle. The policy has two components - third-party cover and own-damage cover.

Key features :

* The customer can save money on renewal premium by availing the applicable discount if the vehicle has not run beyond a specified number of kilometres. The discount will be applied on basic own damage premium.

* If the vehicle has been driven beyond the kilometre threshold limit, the coverage continues for the policy’s remaining duration. Customers can still avail a discount on the renewal, albeit at a lower applicable range.

* The policy can be enhanced by including other add-ons, such as Nil Depreciation, Engine Protection, Return to Invoice, Road Side Assistance, etc. These will be available on payment of additional premium.

Neerja Kapur, chairman and managing director, said, “Our PAYD policy fulfils a long-standing demand of customers for simple and flexible products that consider different usage patterns. Our product is one of the few in the market to help the customer manage his outflows towards vehicle maintenance. We are confident that this product will herald a new age in vehicle insurance and promote better compliance thereby reducing the risks associated with uninsured and underinsured vehicles plying on the roads."..

Source : Mint

5 .

Which Mutual Fund launched India's first passive short-duration fund opened on January 27, 2023?

A)

SBI Mutual Fund

B)

Edelweiss Mutual Fund

C)

Kotak Mutual Fund

D)

L&T Mutual Fund

Correct Answer : Edelweiss Mutual Fund

Edelweiss Asset Management has launched a new fund offer (NFO) for India's first open-ended passive short-duration index scheme.

Called Edelweiss CRISIL IBX 50:50 Gilt Plus SDL Short Duration Index Fund, the scheme will invest in a diversified portfolio of Indian Government Bonds (IGBs) and State Development Loans (SDLs).

* The NFO for Edelweiss CRISIL IBX 50:50 Gilt Plus SDL Short Duration Index Fund opened on January 27, 2023.

What’s on offer?

* The scheme will invest 50 percent of its funds in IGBs and the rest in SDLs. The G-Sec portion will be constructed by selecting the most liquid government bonds with a minimum outstanding of Rs 10,000 crore falling in duration buckets from one year to five years.

* The SDL portion will be constructed by first selecting the most liquid state issuers falling in each of the eligible duration buckets and then by selecting the most liquid ISIN (security) from each of these buckets with a minimum outstanding of Rs 500 crore.

* The benchmark of the scheme, the CRISIL IBX 50:50 Gilt Plus SDL Short Duration Index, has exposure to SDLs of Rajasthan, Gujarat and Karnataka.

* The modified duration of the fund would be 2.63 years and yield-to-maturity (YTM) of 7.34 percent and a net YTM of around 7.19 percent...

Source : Money Control

6 .

SBI General Insurance has partnered with Doers NGO to assist with which state police?

A)

Gujarat

B)

Himachal Pradesh

C)

Uttar Pradesh

D)

Madhya Pradesh

Correct Answer : Himachal Pradesh

SBI General Insurance has partnered with Doers NGO to assist Himachal Pradesh police in reducing the number of traffic accidents under the Corporate social responsibility (CSR) initiative.

Under this, SBI General has donated a well-equipped ambulance which would provide timely medical care to the road accident victims in Mandi district within the ‘Golden hour’.

MD & CEO of SBI General Insurance: Kishore Kumar Poludasu..

Source : Financial Express

7 .

Which Life Insurance company has launched iTerm Prime Insurance plan?

A)

Exide Life Insurance

B)

Max Life Insurance

C)

Aegon Life Insurance

D)

PNB MetLife India Insurance

Correct Answer : Aegon Life Insurance

Aegon Life Insurance has launched iTerm Prime Insurance plan catering to the need of self-employed individuals with a special 10% discount on first-year premium.

* Designed with emerging India in mind, iTerm Prime offers a minimum sum assured of â‚¹25 lakhs, with no upper limit on a consumer’s requirement, making it accessible to a large swathe of the population with different insurance needs.

* The product can be purchased on Aegon Life’s website and through its partners; the buying process is completely paperless and requires zero documentation or uploads.

* The product also offers a ‘Special Exit Value’ option that allows the policyholder to get all premiums back when they turn 55 years old.

* iTerm Prime is designed to encourage emerging India to gain access to life insurance. Self-employed individuals make up the majority of India’s working population, yet this segment remains under-insured.

* To make insurance accessible for them, we have simplified buying journeys and sped up underwriting by digitizing it. Besides this, we have introduced a special discount and flexible payment options to make the product more affordable for the end consumer," said Satishwar B., MD and CEO of Aegon Life Insurance..

Source : Mint

8 .

Which Insurance Company has signed a corporate agency agreement with Sundaram Finance Limited?

A)

Acko General Insurance

B)

Star Health and Allied Insurance

C)

HDFC ERGO General Insurance Company

D)

Niva Bupa Health Insurance Company Limited

Correct Answer : Niva Bupa Health Insurance Company Limited

Niva Bupa Health Insurance Company Limited (formerly Max Bupa Health Insurance Company), a standalone health insurer, has signed a corporate agency agreement with Sundaram Finance Limited, a diversified financial services group.

Through this tie-up, Niva Bupa’s select range of indemnity plans would be offered to Sundaram Finance’s growing customers.

Sundaram Finance will use its network of over 640 branches across the country to reach out to customers as part of this partnership.

Krishnan Ramachandran, MD & CEO, Niva Bupa Health Insurance said, “We are elated to enter into this partnership with one of the most trustworthy and reliable financial institutions in the country. We are confident that our thoughtfully designed health insurance products will be backed by superior customer experience, enabling us to meet the healthcare needs of Sundaram Finance’s vast customer segment and penetrate further into the emerging markets across the country.”

Sundaram Finance Limited MD : Rajiv Lochan

Niva Bupa Health Insurance MD & CEO : Krishnan Ramachandran.

Source : The Hindu Businessline

9 .

IDFC Mutual Fund to be Renamed as__________.

A)

Bandhan Mutual Fund

B)

Sarkari Mutual Fund

C)

Bharat Mutual Fund

D)

Grameen Mutual Fund

Correct Answer : Bandhan Mutual Fund

IDFC Asset Management Company Limited (AMC), one of the top 10 AMCs in the country, has received regulatory clearances from regulators for its proposed change in ownership.

About This Transition : Securities market regulator SEBI granted the necessary no objection for IDFC AMC’s acquisition by a consortium comprising Bandhan Financial Holdings Limited (BFHL), GIC (GIC), and ChrysCapital (CC).

The Reserve Bank of India (RBI) granted its approval, whereas the Competition Commission of India (CCI) had already approved the deal in August 2022. In April 2022, the Board of Directors of IDFC Limited and IDFC Financial Holding Company Limited approved the sale of IDFC AMC and IDFC AMC Trustee Company Limited to the consortium.

The New Stakes : Consequent to the completion of the proposed transition, BFHL will own approximately 60% and GIC & CC will own approximately 20% each in IDFC AMC. On completion of the transition, IDFC AMC is proposed to be renamed as Bandhan Asset Management Company Limited and IDFC Mutual Fund (MF) is proposed to be renamed as Bandhan Mutual Fund, with BFHL becoming the Sponsor of the Mutual Fund.

About The Other Changes : Each scheme of IDFC MF will be renamed to replace the word ‘IDFC’ with the word ‘Bandhan’. The consortium of incoming shareholders envisages the continuity of the current management team and investment processes at IDFC AMC. As a result, the unitholders of IDFC MF would continue to benefit from the same highâ€quality investment approach and focus that IDFC AMC is reputed for..

Source : Mint

10 .

Which Insurance Company buys additional stake in Voltas for Rs 635 crore?

A)

SBI Life Insurance

B)

Life Insurance Corporation(LIC)

C)

HDFC Life Insurance

D)

Max Life Insurance

Correct Answer : Life Insurance Corporation

Life Insurance Corporation of India (LIC) has increased its shareholding in "Voltas" by buying an additional 2 per cent stake. LIC said it acquired Voltas' shares worth Rs 634.50 crore through open market transactions during the period from August 10 to November 4, 2022.

The state-owned life insurer increased its shareholding from 2,27,04,306 shares (equivalent to 6.862 per cent) to 2,93,95,224 (8.884 per cent) in Voltas, according to a regulatory filing on Monday(7th Nov 2022).

Voltas is engaged in the business of air conditioning, refrigeration, electro-mechanical projects as an EPC (engineering, procurement and construction) contractor both in domestic and international market.

Stock of LIC closed at Rs 633.30 apiece on BSE, up by 0.84 per cent, while Voltas scrip ended 1.24 per cent lower at Rs 834.40 apiece..

Source : Economic Times